There is a Reason We Like Living in Grand Junction

Grand Junction was recently ranked in the "TOP 20 - Places to Live" according to a study done by Farmers Insurance Group. On top of that, Census data that was released on Monday has our property taxes as one of the least expensive in the state.

Grand Junction among Top 20 most secure places to live

Property taxes less costly in Mesa County than in 17 other Colorado counties

What the New Oil and Gas Rules Mean for Us

Well nobody knows for sure how these rules are going to effect us in Western Colorado. I think the national economy will play a part in our future, as well. The oil and gas companies are cutting back, but not pulling out at this time. Homes are still projected to appreciate, just not as fast as we have been used to. So basically things are looking to slow down for a little while, but this isn't necessarily a bad thing.

Long-term numbers tell a different story

Second-largest gas producer to run half as many rigs locally

Rent expected to plateau as vacancy rate eases slightly

The New Oil and Gas Rules Came Out On Thursday

Well, the new rules are out and they were followed by announcements from the local companies that they were scaling back their operations over this coming year. On the flip side, the oil and gas companies are taking this to the State Legislature in the beginning of next year. Also, from what I've been hearing this means no more guaranteed overtime for some of their employees. I have included a link to the new rules and regulations if you want to read them, they are 85 pages long.

New Rules for the Oil and Gas Industry, effective 4/1/09

Local Newspaper article on new rules and regulations

Local Newspaper Article - Energy Fight goes to Legislature

Rates Could Keep Going Down

We had our weekly meeting here at the office today and we had our in-house lender come and give us an update. The word on the street is that rates look like they will continue to go down and could even get below 5% by the beginning of next year. So if you are looking to refinance or buy a home this is good news!

You might find this article from Business Week interesting - Refinancing your Mortgage

Graphs-Grand Junction Real Estate Statistics for October 2008

Grand Junction Real Estate Statistics for October 2008

I know I'm getting this information to you a bit late this month. Sorry! The good news is that I should have November's Stats in a couple of weeks.

The Summary for October 2008 looks like this -

• October was a very slow month for real estate in Grand Junction. However after the election business picked up, at least for our office.
• 159 homes sold. Also, we went from average days on the market(DOM) to average months on the market and that was at 4.2 average months.
• In October, inventory was down considerably for homes priced lower than $450,000.
• The average price of the homes sold this month went down slightly by $4,002 to $246,787.

Disclaimer, I get the monthly statistics from my broker and his numbers take into account the expired listings and therefore slightly differ from my weekly statistics

The New Oil and Gas Rules Are Expected Out Next Week

I've been waiting for the New Rules to finally come out and according to our local newspaper they should be out next week. It will definitely be interesting to see what the new rules are and how they affect the Oil and Gas Industry in Western Colorado. I have included a link to the article below.

Daily Sentinel-New Oil and Gas Rules

Grand Junction is still in the Top 10, Baby!

The US housing index report came out today. I for one was very interested in what it was going to say. Sales have slowed down a bit and I was curious to know if the prices of our homes had went down as well. Our homes actually appreciated more in the 3rd quarter than the 2nd quarter. In the 3rd quarter our homes appreciated 1.21% up from .82%, in the last year they have appreciated 4.67% down from 5.25% and over the last 5 years they have appreciated 66.11% down from 65.05%. I don"t know about you , but I sure am glad we have + (plus) sign in front of our numbers. I can't help but think "Not a bad return on you money".

The full report from the Federal Housing Finance Agency

Last Quarters Figures

A Quick Look At The Figures Nationwide

What is Happening In Grand Junction Area Real Estate - 10/19/08-10/25/08

Market Statistics for October 19, 2008 - October 25, 2008-

According to our local MLS, there are currently 1,570 active residential listings in Grand Junction, 199 homes are under contract, and 43 homes sold last week. They are broken into areas below-

• City Area - 144 active/ 4 sold
• North Area - 274 active/ 7 sold
• Northeast Area - 155 active/ 4 sold
• Southeast Area - 159 active/ 6 sold
• Clifton Area - 81 active / 3 sold
• Orchard Mesa Area - 165 active / 6 sold
• Redlands Area - 230 active / 3 sold
• Fruita Area - 238 active / 7 sold
• Palisade/East Orchard Mesa Area - 64 active / 3 sold
• Northwest Area - 21 active / 0 sold
• West Area - 39 active / 0 sold
• Whitewater - 34 active / 0 sold
• Collbran/Molina/ Mesa/Vega Area - 54 active / 0 sold
• New Construction (Homes built in 2008)- 255 active / 4 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 - 10/12/08-10/18/08

Market Statistics for October 12, 2008 - October 18, 2008-

According to our local MLS, there are currently 1,622 active residential listings in Grand Junction, 224 homes are under contract, and 30 homes sold last week. They are broken into areas below-

• City Area - 155 active/ 5 sold
• North Area - 275 active/ 6 sold
• Northeast Area - 167 active/ 0 sold
• Southeast Area - 158 active/ 3 sold
• Clifton Area - 83 active / 4 sold
• Orchard Mesa Area - 162 active / 1 sold
• Redlands Area - 234 active / 5 sold
• Fruita Area - 253 active / 5 sold
• Palisade/East Orchard Mesa Area - 72 active / 0 sold
• Northwest Area - 21 active / 0 sold
• West Area - 42 active / 0 sold
• Whitewater - 32 active / 1 sold
• Collbran/Molina/ Mesa/Vega Area - 51 active / 0 sold
• New Construction (Homes built in 2008)- 248 active / 3 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 - 10/5/08-10/11/08

Market Statistics for October 5, 2008 - October 11, 2008-

According to our local MLS, there are currently 1,650 active residential listings in Grand Junction, 232 homes are under contract, and 31 homes sold last week. They are broken into areas below-

• City Area - 157 active/ 6 sold
• North Area - 281 active/ 6 sold
• Northeast Area - 172 active/ 0 sold
• Southeast Area - 165 active/ 3 sold
• Clifton Area - 88 active / 3 sold
• Orchard Mesa Area - 160 active / 4 sold
• Redlands Area - 236 active / 2 sold
• Fruita Area - 255 active / 6 sold
• Palisade/East Orchard Mesa Area - 72 active / 0 sold
• Northwest Area - 20 active / 0 sold
• West Area - 44 active / 1 sold
• Whitewater - 32 active / 0 sold
• Collbran/Molina/ Mesa/Vega Area - 51 active / 1 sold
• New Construction (Homes built in 2008)- 249 active / 5 sold

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

Graphs-Grand Junction Real Estate Statistics for September 2008

Grand Junction Real Estate Statistics for September 2008

The Summary for September 2008 looks like this -

• 244 homes sold, and the average days on the market(DOM) was 109. You can see the DOM broken down by price range on the graphs.


• In September, inventory was slightly down in homes priced lower than $450,000 and there was a slight increase for homes priced above $450,000. There was a slight increase in sales for September.


• The average price of homes sold this month went up $6,190 to $250,789.

Disclaimer, I get the monthly statistics from my broker and his numbers take into account the expired listings and therefore slightly differ from my weekly statistics

What is Happening In Grand Junction Area Real Estate - 09/21/08-9/27/08

Market Statistics for September 21, 2008 - September 27, 2008-


According to our local MLS, there are currently 1,609 active residential listings in Grand Junction, 254 homes are under contract, and 47 homes sold last week. The number of active listings was reduced by almost 100 this week. They are broken into areas below-

• City Area - 163 active/ 4 sold
• North Area - 262 active/ 4 sold
• Northeast Area - 166 active/ 6 sold
• Southeast Area - 156 active/ 8 sold
• Clifton Area - 81 active / 1 sold
• Orchard Mesa Area - 162 active / 5 sold
• Redlands Area - 229 active / 7 sold
• Fruita Area - 253 active / 10 sold
• Palisade/East Orchard Mesa Area - 71 active / 2 sold
• Northwest Area - 22 active / 0 sold
• West Area - 44 active / 0 sold
• Whitewater - 37 active / 0 sold
• Collbran/Molina/ Mesa/Vega Area - 53 active / 0 sold
• New Construction (Homes built in 2008)- 221 active / 4 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 - 09/14/08-9/20/08

Market Statistics for September 14, 2008 - September 20, 2008

According to our local MLS, there are currently 1,708 active residential listings in Grand Junction, 311 homes are under contract, and 68 homes sold last week. There were a strong number of closings this week, especially for it not being the last week of the month. By special request, I have started including statistics on New Construction. They are broken into areas below-

• City Area - 167 active/8 sold
• North Area - 273 active/ 8 sold
• Northeast Area - 175 active/ 12 sold
• Southeast Area - 162 active/ 9 sold
• Clifton Area - 80 active / 11 sold
• Orchard Mesa Area - 164 active / 8 sold
• Redlands Area - 224 active / 8 sold
• Fruita Area - 248 active / 5 sold
• Palisade/East Orchard Mesa Area - 70 active / 1 sold
• Northwest Area - 21 active / 0 sold
• West Area - 39 active / 1 sold
• Whitewater - 44 active / 1 sold
• Collbran/Molina/ Mesa/Vega Area - 52 active / 1 sold
• New Construction (Homes built in 2008)- 214 active / 12 sold (09/01/08 - 09/20/08)

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

Not a Bad Time to be Living in Western Colorado

The following is an article from the local paper and it states that here in Western Colorado we are living in a buffer zone, compared to other areas of Colorado and the United States. Thanks to the Oil and Gas Industry for helping us through this. Unfortunatetly, the article only has statistics and figures from the first four months of this year. I would say that not much has changed, but it would be nice to see the statistics and figures through August. Also, we are supposed to hear very soon the results of the Oil and Gas Commission and the new rules to be proposed. They are still trying to decide on some key issues for the Western Slope.

Daily Sentinel Article - Western Slope economic vital signs stable, report says

Oil and Gas Commissions Website - COGCC

Graphs-Grand Junction Real Estate Statistics for August 2008

Grand Junction Real Estate Statistics for August 2008

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

The Summary for August 2008 looks like this -

• 233 homes sold, and the average days on the market(DOM) was 125. There were no sales above $750,000 and that lowered the average days on the market this month.
• In August, inventory was slightly down and so were the sales.
• The average price of homes sold this month went down to $244,599.

Disclaimer, I get the montly statistics from my broker and his numbers take into account the expired listings and therefore slightly differ from my weekly statistics

What is Happening In Grand Junction Area Real Estate - 08/31/08-9/13/08

Market Statistics for August 31, 2008 – September 13, 2008-

According to our local MLS, there are currently 1,680 active residential listings in the Grand Junction Area, 320 homes are under contract, and 73 homes sold last two weeks. At first glance it looks like the inventory has went up. I added the Collbran/Mesa area, and actually inventory stayed pretty steady. I know I normally put the statistics up each week. Unfortunately, I wasn’t able to input the stats last week so I have combined the last two weeks together. Sorry! Also, I had a request for statistics on new construction. I’m working on the best way to get the most accurate figures to you. Stay posted.

• City Area - 165 active 12 sold (08/31-09/6) 4 sold (09/7-09/13)
• North Area - 262 active 3 sold (08/31-09/6) 5 sold (09/7-09/13)
• Northeast Area - 174 active 5 sold (08/31-09/6) 3 sold (09/7-09/13)
• Southeast Area - 157 active 2 sold (08/31-09/6) 6 sold (09/7-09/13)
• Clifton Area - 74 active 1 sold (08/31-09/6) 2 sold (09/7-09/13)
• Orchard Mesa Area - 171 active 0 sold (08/31-09/6) 3 sold (09/7-09/13)
• Redlands Area - 231 active 7 sold (08/31-09/6) 3 sold (09/7-09/13)
• Fruita Area - 265 active4 sold (08/31-09/6) 5 sold (09/7-09/13)
• Palisade/ East Orchard Mesa Area - 70 active 1 sold (08/31-09/6) 1 sold (09/7-09/13)
• Northwest Area - 23 active 1 sold (08/31-09/6) 1 sold (09/7-09/13)
• West Area - 41 active 2 sold (08/31-09/6) 0 sold (09/7-09/13)
• Whitewater/ Gateway Area - 39 active 0 sold (08/31-09/6) 0 sold (09/7-09/13)
• Collbran/Molina/ Mesa/Vega Area - 47 active 0 sold (08/31-09/6) 2 sold (09/7-09/13)

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

Big News In The Mortgage Industry

I'm sure some of you have heard by now that the government has bought out Freddie Mac and Fannie Mae. This was big news that became even bigger as the overseas markets and Dow Jones opened higher than expected. I think this can be seen as a positive. Also, one of my lenders was saying that rates were looking to go down to 5 7/8% today, that is down from 6 1/2% on Friday. That is quite a reduction. This reduction is the difference between renting and buying a home for some people. I have included links to a couple of articles on this subject below:

Fannie, Freddie deal helps some borrowers, not all

Stocks mostly advance on plan for mortgage giants

Mortgage rates drop after Fannie, Freddie takeover

What is Happening In Grand Junction Area Real Estate - 08/24/08-8/30/08

Market Statistics for August 24, 2008 - August 30, 2008

According to our local MLS, there are currently 1,623 active residential listings in Grand Junction, 316 homes are under contract, and 71 homes sold last week. The amount of active listings has continued to decline and as usual there were more closings toward the end of the month. They are broken into areas below-

• City Area - 167 active/8 sold
• North Area - 273 active/ 8 sold
• Northeast Area - 175 active/ 12 sold
• Southeast Area - 162 active/ 9 sold
• Clifton Area - 80 active / 11 sold
• Orchard Mesa Area - 164 active / 8 sold
• Redlands Area - 224 active / 8 sold
• Fruita Area - 248 active / 5 sold
• Palisade/East Orchard Mesa Area - 70 active / 1 sold
• Northwest Area - 21 active / 0 sold
• West Area - 39 active / 1 sold
• Whitewater - 44 active / 1 sold

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

We are #6 in the US Housing Market Index

We came down a bit from #2, but we are still in the top 10 for house appreciation nationwide. The most important thing is that our houses are still appreciating. Over the last quarter our homes on average have appreciated .82%. However, over the last year our homes have appreciated 5.25% and they have appreciated a whopping 65.05% over the last 5 years. That is a pretty good return on your investment.

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

The 2008 CSAP Results Are In

As a Realtor, on a regular basis, I'm asked about how well certain schools are performing. This is a tough question to answer as every school has good and bad points. However, there is a state-wide test (CSAP) and the results were recently released. I will include a link to the results below along with a link to the school accountability report. Please note that private school results aren't included.

2008 School District #51, Mesa County, CSAP results - Broken down by school and subject

School Accountability Report for School District #51, Mesa County

Charter School Exceeds State Averages - This charter school isn't part of school district #51, but is sponsored by the state.

What is Happening In Grand Junction Area Real Estate - 07/20/08-7/26/08

Market Statistics for July 20, 2008 - July 26, 2008-

According to our local MLS, there are currently 1,748 active residential listings in Grand Junction, 356 homes are under contract, and 59 homes sold last week. They are broken into areas below-

• City Area - 194 active / 6 sold
• North Area - 278 active / 8 sold
• Northeast Area - 184 active / 7 sold
• Southeast Area - 168 active / 10 sold
• Clifton Area - 95 active / 7 sold
• Orchard Mesa Area - 179 active / 9 sold
• Redlands Area - 226 active / 2 sold
• Fruita Area - 282 active / 9 sold
• Palisade/East Orchard Mesa Area - 64 active / 1 sold
• Northwest Area - 31 active / 0 sold
• West Area - 47 active / 0 sold
• Whitewater - 38 active / 0 sold
• Mesa/Collbran - 41 active / 1 sold

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

New Home Building Down From Last Year in Mesa County

In my last post I mentioned building permits were down and a brief reason as to why. A huge reason is the lenders have more stringent lending practices. There was an article in the local paper that goes into more detail and explains how and why the smaller builders are struggling. One of the reasons for higher lot prices has to do with the cost of subdividing, development, and the amount of time it takes to do both of these in Mesa County. Also, notice that the statistics at the end of the article aren't for our local market except for one concerning foreclosures and I am questioning how accurate that statistic is. If you go to my previous post on foreclosures you will find a link that will take you to a list of current foreclosures.

Loans Hard To Get For Some Grand Valley Developers- This is the article from the local paper.

Real Estate Softens

That was the headline of The Daily Sentinel, one of our local newspapers on Sunday. The first question just about everyone asked me the next couple of days was "Did you see the article in the paper on Sunday?" and that question was followed by "So what is your take?" My response was and still is - "Home sales are down, but homes are still appreciating and earning equity. We've had a couple of remarkable years (one year homes appreciated over 20%), but there was a need for a correction." I would then explain that young people just starting out were starting to have trouble finding a starter home they could afford. If you look at the graphs in some of my previous posts you will see there aren't a lot of homes priced under $200,000.

You can read the article here - The Daily Sentinel article


Some of the key points from the article:

• Residential & Commercial real estate is down 28%
• Decline is due to higher lending standards
• Inventory is up
• New construction is down 50% (The higher lending standards are, also, affecting the builders and their construction loans. Some builders are unable to build more than one house at a time.)
• Poor weather contributed to the decline (We had a long, cold winter)
• Median house price is $229,000 (down 0.4%)
• House values are up 3.7% in the past 12 months
• Residential home sales will increase, indicated by an upward trend for the month of June
• This just means that we are undergoing a transition from a record-breaking market to a
  “normal” market.

What is a “Normal” Market?

Well in a "normal" market -
It takes years to build equity in a home, not months. Buyers have to have a good credit score in order to qualify for a mortgage. The lending practices have definitely tightened.

I think it is important to remember that things have slowed down, but our homes are still earning equity. Also, it is getting increasingly difficult to find a place to rent, especially for a family. Therefore the individuals and families, that are either continuing to have trouble finding a place to rent or are improving their credit, will soon be deciding to buy a home.

What is Happening In Grand Junction Area Real Estate - 07/13/08-7/19/08

Market Statistics for July 13, 2008 - July 19, 2008-

According to our local MLS, there are currently 1,759 active residential listings in Grand Junction, 365 homes are under contract, and 55 homes sold last week. They are broken into areas below-

• City Area - 199 active/7 sold
• North Area - 281 active/ 7 sold
• Northeast Area - 176 active/4 sold
• Southeast Area - 172 active/ 11 sold
• Clifton Area - 87 active / 4 sold
• Orchard Mesa Area - 183 active / 6 sold
• Redlands Area - 232 active / 5 sold
• Fruita Area - 287 active / 10 sold
• Palisade/East Orchard Mesa Area - 66 active / 1 sold
• Northwest Area - 32 active / 0 sold
• West Area - 44 active / 0 sold
• Whitewater - 41 active / 0 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 - 07/06/08-7/12/08

Market Statistics for July 6, 2008 - July 12, 2008-

According to our local MLS, there are currently 1,755 active residential listings in Grand Junction, 355 homes are under contract, and 57 homes sold last week. They are broken into areas below-

• City Area - 198 active/6 sold
• North Area - 277 active/ 4 sold
• Northeast Area - 176 active/8 sold
• Southeast Area - 172 active/ 7 sold
• Clifton Area - 96 active / 6 sold
• Orchard Mesa Area - 182 active / 3 sold
• Redlands Area - 230 active / 11 sold
• Fruita Area - 286 active / 11 sold
• Palisade/East Orchard Mesa Area - 48 active / 1 sold
• Northwest Area - 31 active / 0 sold
• West Area - 43 active / 0 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 - 6/30/08-7/01/08

Market Statistics for June 30, 2008 - July 01, 2008 -

According to our local MLS, there are currently 1,734 active residential home listings in Grand Junction, 378 homes are under contract, and 68 homes sold last week. They are broken into areas below-

City Area - 199 active/ 4 sold
North Area - 267 active/ 7 sold
Northeast Area - 176 active/ 10 sold
Southeast Area - 171 active/ 6 sold
Clifton Area - 94 active / 6 sold
Orchard Mesa Area - 178 active / 13 sold
Redlands Area - 223 active / 6 sold
Fruita Area - 287 active / 11 sold
Palisade/East Orchard Mesa Area - 64 active / 4 sold
Northwest Area - 32 active / 0 sold
West Area - 43 active / 1 sold

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

Grand Junction Real Estate Statistics For June 2008

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

• The Summary for June 2008 looks like this - 1336 active listings(homes for sale), 282 homes sold, and the average days on the market(DOM) is 120.


• There was a slight decrease in sales last month. Although, in the $500,000-$750,000 price range there was a notable increase in sold homes.


• There was a slight decrease in the number of transactions(homes sold) this month. This month was similar to April's as fas as transactions.
  
• The median price of homes sold this month went up by$18,889. Part of this is due to the increase of sales in the $500,000-$750,000 price range.

Graphs - Grand Junction Real Estate Statistics For June 2008

What is Happening In Grand Junction Area Real Estate - 6/22/08-6/29/08

Market Statistics for June 22, 2008 - June 29, 2008 -

According to our local MLS, there are currently 1,701 active residential home listings in Grand Junction, 379 homes are under contract, 62 homes sold last week, and 56 expired. They are broken into areas below-

• City Area - 197 active/ 10 sold
• North Area - 241 active/ 9 sold
• Northeast Area - 174 active/ 11 sold
• Southeast Area - 161 active/ 8 sold
• Clifton Area - 88 active / 3 sold
• Orchard Mesa Area - 182 active / 4 sold
• Redlands Area - 218 active / 5 sold
• Fruita Area - 301 active / 8 sold
• Palisade/East Orchard Mesa Area - 67 active / 3 sold
• Northwest Area - 30 active / 0 sold
• West Area - 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 - 6/15/08-6/21/08

Market Statistics for June 15, 2008 - June 21, 2008

According to our local MLS, there are currently 1,720 active residential listings in Grand Junction, 411 homes are under contract, 73 homes sold last week, and 30 expired. They are broken into areas below-

• City Area - 201active/11 sold


• North Area - 253 active/ 15 sold


• Northeast Area - 176 active/8 sold


• Southeast Area - 172 active/ 6 sold


• Clifton Area - 90 active / 5 sold


• Orchard Mesa Area - 182 active / 6 sold


• Redlands Area - 212 active / 13 sold


• Fruita Area - 302 active / 6 sold


• Palisade/East Orchard Mesa Area - 67 active / 3 sold


• Northwest Area - 27 active / 1 sold


• West Area - 38 active / 0 sold
  

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

Are You Seeing A Lot of Foreclosures?

No. Not Really. What do you define as a lot?


We have seen an increase in foreclosures in Mesa County, but not even close to the amount the national media is making it out to be. I recently read this http://kevinwade.blogspot.com/2008/06/foreclosures-its-going-to-be-okay.html and found it very interesting that just 4 states accounted for more than half of the country's foreclosure activity.


You might find the following links interesting:

• For more homes currently in the foreclosure process, in Mesa County - Mesa County Assessors Office, Public Trustee



• Forbes article - Smart ways to Profit from Foreclosures

What is Happening In Grand Junction Area Real Estate

Market Statistics for June 8, 2008 - June 14, 2008

According to our local MLS, there are currently 1,670 active residential listings in Grand Junction, 430 homes are under contract, 34 homes sold last week, and 18 expired. and they are broken into areas below-

• City Area - 199 active/1 sold
• North Area - 233 active/ 0 sold
• Northeast Area - 170 active/4 sold
• Southeast Area - 164 active/ 9 sold
• Clifton Area - 90 active / 2 sold
• Orchard Mesa Area - 174 active / 1 sold
• Redlands Area - 218 active / 4 sold
• Fruita Area - 293 active / 13 sold

Grand Junction Real Estate Statistics For May 2008

This is a summary of May's Real Estate Market Statistics, for more detailed statistics check out the following graphs. Please note, there is a substantial difference in inventory and days on the market for homes priced over $500,000.

• The Summary for May 2008 looks like this - 1345 active listings(homes for sale), 337 homes sold, and the average days on the market(DOM) is 113.
  
• There was a slight increase in sales last month. Most noticeably, in the $200,000-$300,000 price range.
  
• There has been a steady increase in the number of transactions(homes sold) each month, since January.
  
• The median price of homes sold this month went down by $17,156.

Graphs - Grand Junction Real Estate Statistics For May 2008

Colorado Oil and Gas Conservation Commission Hearings

Today the Gas and Oil Conservation Commission was in town for a public hearing on recent recommendations for a number of possible energy regulations. This was a big thing for our community and one of the industries that supports it and our livelyhhoods. I attended for a little while, I got there about 8:45 am and it was standing room only. To call it standing room is really a misnomer, as I was barely able to walk in the door and I couldn't see who was speaking. Although, I was told that it was Josh Penry, our senator, and he gave a speech in support of the gas and oil industry. In which, he warned of the repercussions to the economy, of the western slope of Colorado, if the regulations were too stringent and caused these oil and gas companies to leave the area. As we were walking in, they handed us sticker to wear that said "Gas and Oil Feed My Family" In comparison, as we(a couple of other Realtors) were leaving we saw a tent with food. Never ones to miss an opportunity, we headed over to partake and refill our coffee mugs. The gentlemen there asked what side we were there to support. I told him I supported coffee. He seemed to appreciate that. He then told us that if we were going to drink his coffee we needed to wear one of his stickers that said "Clean Air, Clean Water, Clean Environment" and "I Support Wildlife". It was fairly obvious, after talking to him, that he wasn't from the area. I would have liked to hear more from the speakers, but it was hard to hear and the idea of standing there for hours wasn't appealing. The commission’s final energy regulations are expected out in July and I for one will be very interested in what they decide.

If you would like to learn out more or hear the public comments that took place today you can click on the following links:

Colorado Oil and Gas Conservation Commission Website with audio -
http://oil-gas.state.co.us/RuleMaking/COGCC-Audio.cfm

Excerpt from Local Newspaper -
http://www.gjsentinel.com/blogs/content/shared-gen/blogs/communities/breaking/entries/2008/06/10/commissioners_thankful_for_pub.html

Excerpt from Local Newspaper-
http://www.gjsentinel.com/blogs/content/shared-gen/blogs/communities/breaking/entries/2008/06/10/thousands_pack_convention_cent.html

Summary of Josh Penry's Speech -
http://www.gjsentinel.com/blogs/content/shared-gen/blogs/communities/breaking/entries/2008/06/10/lawmaker_invokes_black_sunday.html

I Enjoyed Seeing Some Familiar Faces

I think we have finally recouped from JUCO week. It was a fun week, but we were tired. I even let my daughter miss school on Friday. I really enjoyed seeing and catching up with some old friends(I'm not talking about your age either!). Hopefully, I will see you all before next year. I'm always just an email or phone call away!

The Night My Son Won't Soon Forget

So that Conrad Flynn is a super nice guy. He ended up making my sons day, maybe year. Either way he gave him a lifelong memory. After the championship game on Friday night, in which Conrad pitched the whole game and led Grayson to a decisive victory. My son went over to tell him good game and Conrad game him his baseball glove with his name imprinted on it. So the glove and the signed baseball will live happily together on my sons desk. Although, my son has a game tonight and I wouldn't be surprised if he takes it. I'm sure it'll make him play better.

After Conrad gave my son his glove. We tried to thank him, but couldn't wave him down. Apparently, the winning pitcher has(gets) to do a few interviews after the game. So I asked around and found his parents to relay the thanks to Conrad. They were just as nice. They took a picture of the two of them together. I wish I would have had my camera! Talk about a super nice family. What a treat for our family!

My Son is a Stalker

My son is officially stalking a JUCO baseball player. His name is Conrad Flynn. He is a right handed pitcher for Grayson County College. Not only does he have the same name as him, but they both have the number 15 on their baseball jerseys. How cool is that? Apparently, it is a lot cooler if you are a 9 year old who plays baseball. He tracked him down and got his signature, last night, as he was arriving for the game. He didn't have anyone else sign that baseball and he is going to put it on his dresser in his Grandad's baseball glove. Do not fear, he didn't want any other players to feel left out, and he has gotten most of their signatures on 3 different baseballs, a hat, and a baseball flag. He probably has gotten a couple of their signatures twice. My seven year-old daughter not to be out done has gotten her fair share of signatures.

We moved up to #2 in the US Housing Market Index

The US Housing Housing Market Index, from Office of Federal Housing Enterprise Oversight, has Ranked Grand Junction Colorado at #2 for Home appreciation in the last year. Our homes went up by 9.08% this year. We did come in behind Thibodaux, Louisiana, they had a whopping 11.22% for home appreciation this year. Coming in the top 6 were #3-Wenatchee, WA, #4-Austin-Round Rock, TX, #5 Billings, MT, and #6 Provo, UT. As a whole, the state of Colorado came in at #23 with 2.29% increase this year, 1% this quarter, and 18.22% over the last 5 years. The big picture for Grand Junction real estate looks like this, .14% increase this quarter, and over the last 5 years a 64.42% increase. Grand Junction was listed as #3 last quarter.
Our office has been watching this closely. We had a slower winter than we have had the last couple of years, but we knew our housing market was still doing fine. Now we have the statistics to prove it. I think that the one thing this proves is that real estate is still a good investment in Colorado. You would have trouble getting those returns on any other type of investment.

Calling All Baseball Fans, JUCO Baseball is Here!!!

Every year, since I was seven, come Memorial Weekend I knew where I was going to be, at the JUCO National World Series Baseball Tournament. This tournament goes all week long with the championship game on Saturday. I enjoy watching good baseball, in fact, when I was in high school, I would ditch school just to go watch the games. I wasn't the only kid there either. Once I had my drivers license, if my younger siblings found out I was going they would beg me to pick them up form school. It got to the point that my mom would just write a note so our absences were excused. The school district eventually changed the school schedule so that schools get out the week before JUCO starts. I don't know if it had anything to do with the missing students, but I'm sure there are less kids missing their finals. Now I have a 9 year-old boy, who loves to go to JUCO and it is so much fun to watch him get into the tournament and cheer for his favorite team. If you are going to be in the Grand Junction area, I would encourage you to try to take in a game. The evening games are the most fun to attend and I would recommend getting there at least a half hour early in order to get a decent seat. The first game will be at 9:00am this Saturday, May 24th. By the way, you can't beat the price. A tournament pass(19 games) is $25 for the entire week for adults and children are $20. You can get more information on the tournament including the teams who will be playing this year, the tournament bracket, and you can listen to the games live at http://www.jucogj.org/index.php. If you happen to go, look for me I'm usually sitting on the third base line.

The Swans Neck Broke

There is an old wives tale about the Swan's neck. The saying goes that once the Swan's Neck has broke it is safe to plant your garden, because there won't be another freeze. The Swan's neck is part of a swan shape that forms once it has snowed on the Grand Mesa. The Grand Mesa is to the east of Grand Junction, it takes about 45 minutes drive there, is known as the world's largest flat top mountain, and the elevation is 10,000-11,000 feet. You can read more about the Grand Mesa at http://www.sunset.com/sunset/travel/article/0,20633,700970,00.html . From Grand Junction looking at the Mesa, the swan sits close to the top on the right hand side of the mountain. During the winter it is very easy to spot. Due to an above average snow fall and the colder temperatures we had, it has taken the swans neck longer than usual to break this year. Although some of the snow has melted you can still spot the swan if you look closely.

Grand Junction Real Estate Statistics For April 2008

The following graphs will shine some light on the Grand Junction Real Estate Market. As you can see we are not having the slump that you keep hearing about on the news.

Adventures in Real Estate

This is what happens when you are a real estate agent showing land and the following conversation takes place. As we are driving down dirt road on the property, since they have a truck and the terrain is a bit rough they offer to drive so I hop in the back seat and the adventure begins...

The wife says "Hey what is over there? I want to look over there"
Husband says "I can't get over there."
Wife says "We are in the truck can't you just go through there?"
Realtor(that would be me) says "Or we could stay on the road"
Wife says "Can't you just go through there?"
Husband says "Fine!"

Just for the record when this happened and they were apologizing. I simply stated, "This is soooo going on my blog." I did get their permission. Sorry the pictures and video aren't the best quality, I shot them on my cell phone.

Top Ten: Home Features Desired by All Home Buyers

The National Association of Realtors did a survey and they found the following items as the top 10 features desired by all home buyers. Most of the items weren't very suprising, except for numbers 5 and 6. I find that these items are usually already in the home. I, also, found it ironic that if you buy a newer home you usually get the rest of the features.

1. Central Air Conditioning
2. Garage (2 or more spaces)
3. Walk-in closet in master bedroom
4. Backyard/play area
5. Cable/Satellite TV-ready
6. High-speed Internet Access
7. Separate shower enclosure in master/main bath
8. Patio
9. Fencing
10.Home less than 10 years old
Source: NAR 2007 Profile of Buyer's Home Feature Preferences