Cheyenne Real Estate

THE 13 STEP PLAN

2007-02-08T09:02:00.000-08:00

I found these tips in a recent article at Bankrate.com. I know many of you have seen at least of them before, but I think they are worth sharing again. This article is a little longer than I like to put on my blog, please bear with me. Sure, there are fewer buyers and the skies are gloomy. So warm and brighten up the place; make it look like a refuge from the weather. What makes selling a home more stressful? Selling it in the middle of winter.
1. Keep snow and ice at bay.
The top tip from realtors: If the buyer can't get in easily, the house won't sell. That means keeping walkways and driveways free of the frozen stuff.
2. Warm it up.
If you're showing during the winter, think "warm, cozy and homey," Before a buyer comes through, adjust the thermostat to a warmer temperature to make it welcoming.
If you have a gas fireplace, turning it on right before the tour can give the house a little ambience, Libby says. With a wood-burning fireplace, you've got to be a little more careful. If the house is vacant, don't chance it. But if you're still living there and will be there during the tour, it can be a nice touch.
3. Take advantage of natural light.
"Encourage showing during the high-daylight hours," Ledebuhr says. At this time of year, "if you show after work, you're totally in the dark."
Make the most of the light you do have. Have the curtains and blinds cleaned and open them as wide as possible during daytime showings. Clean all the lamps and built-in fixtures, and replace the bulbs with the highest wattage that they will safely accommodate. Before you show the house, turn on all the lights.
4. Get the windows washed.
"Buyers act on the first impression," Ledebuhr says. Windows are one thing that many sellers don't even consider. In winter, that strong southern light can reveal grime and make it look like the home hasn't been well-maintained.
5. Play music softly in the background.
To create a little atmosphere, tune the radio to the local classical station. Turn it down so that you barely hear it in the background. "It's soothing," says Libby, who finds that soft classical music tends to have the most appeal to buyers. "I think people tend to stay around a little longer and look a little longer."
6. Make it comfortable and cozy.
Set the scene and help the buyers see themselves living happily in this house. Consider things such as putting a warm throw on the sofa or folding back the thick comforter on the bed. Tap into "the simple things this time of year that make you feel like you're home," Phipps says.
7. Emphasize winter positives.
Is your home on a bus route or some other vital service that means it's plowed or de-iced regularly in bad weather? Be sure to mention that to the buyers.
8. Set up timers.
Look at the outside lighting around the door. Is there enough illumination to make it inviting? If not, either get the fixtures changed or have new ones added.
9. Make it festive.
Even if you're not actually going to be present, greet your buyers as if they were going to be guests at a party, Phipps says. Set up the dinner table with the good china and silver. Have a plate of cookies for your guests, some warm cider or even chilled bottles of water.
"First impressions are so powerful," Phipps says. "If it looks like you're expecting me and greeting me as company, that's a powerful impact."
10. Give the home a nice aroma.
The No. 1 favorite? "Chocolate chip cookies," Libby says. "Just about everybody likes that smell."
Other popular scents: cinnamon rolls, freshly baked bread, apple pie, apple cider or anything with vanilla, cinnamon or yeast.
11. Protect your investment.
Some sellers (or their agents) will ask buyers to either remove shoes or slip on paper "booties" over their footwear before touring the house. Many buyers like that, Phipps says. It indicates a "pride of ownership and meticulousness that resonates with buyers," he says.
12. Use the season to your advantage.
While the holidays are over (and the Christmas and Hanukkah stuff should come down), you can still use winter wreaths and dried arrangements around the door to spark interest.
13. Consider the area.
In some parts of the country, such as ski areas or warmer regions where the snow birds flock, winter weather can actually be a selling point. "We're right in the middle of our selling season," says Libby, who is located in Vermont. "It's not always spring and summer."

MEDIA BITS

2007-02-03T14:28:00.000-08:00

Have you noticed how the media is quick to jump on every gloom and doom fragment of real estate news. You hear the "bubble is bursting!". "Sales are down a gazillion per cent!" "Real estate prices are rising." They don't report that serious buyers are still out there and spring is just around the corner.

The reality is that while sales of homes are off, there are several factors to consider. One it's winter in Cheyenne. Historically this is a slow time of the year. Yes, buyers have been some what reluctant to commit, but that may be because they have been listening to the media and being cautious. Interest rates have recently risen. This may or may not inspire buyers to get out and find that perfect home while interest rates are still low.

Freddie Mac reports that the average 30-year fixed mortgage rate rose to 6.34 percent this week from 6.25 a week ago. Meanwhile, the average interest on a 15-year fixed loan climbed to 6.06 percent from 5.98 percent, and five-year hybrid adjustable-rate mortgages drifted up to 6.04 percent from 6 percent during that same time span. "Interest rates moved higher following the latest upbeat economic news," says Frank Nothaft, Freddie Mac chief economist. He added that while 2006 saw measurable declines in most housing activities, it still ranked as one of the top three years for total home sales on record.

A HINT OF OPTIMISM

2007-01-28T14:23:00.000-08:00

It is good to be able to find some positive information on real estate in general. David Lereah, NAR Chief Economist in a Real Estate Insights article said. "We begin the New Year with a hint of optimism. The glass was half empty in 2006 – home sales fell throughout the year. But the glass looks to be half full in 2007. While property speculation has ceased, signs of a return to home buying have surfaced and inventory levels have topped out. REALTORS® and lenders alike are encouraged, but guarded, about 2007.

Last year was a year of contraction, a correction that was sorely needed after five years of a booming housing market expansion. Home prices were inflated and property investors (and speculators) were everywhere at the end of 2005. That set the stage for 2006 to spiral downward. Home buyers stayed on the sidelines because they could not afford the lofty-priced homes in the boom-inflicted regions. Some households also postponed buying because they believed prices would eventually drop, making them better off buying later rather than now. Property speculators fled, dumping inventories. Meanwhile, homeowners looking to sell sat stubbornly tied to their listing prices. Let’s be clear, though. The sky never did actually fall in 2006— or, to use that phrase that the media love, there were no “bubbles” bursting. But air did come out of some inflated balloons. According to our National Association of REALTORS® latest estimates for last year, existing home sales were down 8.2 percent from a year earlier. Similarly, new home sales were down 17.4 percent and housing starts were down 12.5 percent. Our nation’s housing sector suffered a contraction, inhibiting overall GDP growth.

Looking back, 2006 was a year of contraction. But looking forward, 2007 will represent a year of stability. Cheers to the New Year!

You know, I agree with him. Cheers to the New Year!

December 2006 Residential Statistics

2007-01-22T10:03:00.000-08:00

Single Family Homes
Active 509
Sold 80
Average List Price $158,575
Average Selling Price $155,982
Average DOM (Days On Market) 111

Rural Residential
Active 168
Sold 29
Average List Price $284,808
Average Selling price $278,022
Average DOM (Days On Market) 111

Condo/Townhome
Active 139
Sold 28
Average List Price $141,047
Average Selling Price $139,781
Average DOM (Days on Market) 126

Mobile Home
Active 29
Sold 3
Average List Price $39,433
Average Selling Price $37,68
Averager DOM (Days on Market) 107

WHAT DO YOU THINK?

2007-01-09T14:10:00.000-08:00

It's the first month of the new year and already we know what is going to happen in the real estate market in 2007. Or do we? I recently ran across this article. I would like to know what you think.

A round table was held recently with some of the top industry prognosticators and was covered in the Sun Sentinel . Three top experts gave their opinions on what will happen with the real estate market in 2007.

David Seiders, chief economist for the National Association of Home Builders: In 2004 and 2005, there was an “unsustainable housing boom,” with sales levels and price appreciation running above what he considered to be sustainable. As a result, 2006 brought an “impressive correction” that might threaten the nation’s economic expansion.

David Lereah, chief economist for the National Association of Realtors: Some economists are predicting that the housing market will get worse before it gets better, but Lereah thinks we’re pretty close to bottoming out. “That’s good news,” he said, because it means the contraction in the housing market will be shorter than it was in the previous two contractions we experienced the last 20 years.

David Berson, chief economist for Fannie Mae: The housing downturn is “close to an end; it will not continue throughout 2007.” Prices and sales will continue to decline slightly, but by mid-2007, sales will start to pick up and prices will stop declining. Real estate is highly regional. Even if prices decline in some parts of the country, growth in other areas will sustain the industry as a whole and the national economy

It sounds like they have it all wrapped up for us. Won't it be interesting to see what actually happens. I may have to come back to this article in December of this year to see if their predictions come to pass.

A COOL WIND BLOWING?

2007-01-07T13:58:00.000-08:00

The strong winds are blowing in a cool 2007 real estate forcast. The news is not "Red Hot", but it isn't "ICE COLD" either. The Daily Real Estate News, reported on January 5, 2007 that 30-year mortgage rates are holding. The financial markets during the first week of the year were still trying to determine how much the economy is likely to slowdown, according to experts. For the second consecutive week, Freddie Mac reported 30-year fixed loans averaged 6.18 percent. However, other rates remained mixed. Interest on 15-year, fixed mortgages rose slightly to 5.94 percent, rates on five-year adjustable-rate mortgages moved up to 6.02 percent, and one-year ARMs slipped to 5.42 percent."Currently, the market is waiting for a clearer signal on the direction in which the economy is headed," says Frank Nothaft, Freddie Mac chief economist. Rates on 30-year loans declined over much of the second half of 2006 as the housing market continued to falter.

Ingman News agreed that mortgage rates are still low, inventory at an all time high and a great time to buuyers to enter the market. If you are looking for a home, don't let the winter weater stop you from finding your "dream Home".

Happy 2007!

2007-01-04T14:32:00.000-08:00

Happy 2007! There is still a lot of time ahead of us in 2007 to buy or sell a home. It should be and interesting year ahead. Many experts are projecting that a buyer’s market will continue, at least for the time being. For those of you who are considering putting your home on the market, here are a few tips from MSNRealEstate.com . Some of them are standard, and just common sense, but there are new things out there too. Either way, it is good to review these tips.

Don't let your property languish while new, competitive inventory is building up. Price it right initially to give buyers a sense they are getting a value for their money and to avoid numerous, incremental price reductions that reek of desperation.

If you get a lot of activity -- visits and second showings -- don't respond instantly to an offer. Tell buyers you'll allow a couple of days to give adequate time for multiple house hunters to view your home.

Educate yourself about your local market. Ask me for these statistics, including comparisons from last year.

Inventory. The number of homes currently on the market.

Days on the market. The length of time properties are staying on the market.

Average sale price. This is helpful information, but it can be skewed by, for example, numerous high-end properties sold. The average price in your market may still be $150,000, just as it was last year, but today $150,000 may buy a lot more house.

Median price. This is the price at which half of the homes sold for more and half sold for less.
List-to-sell ratios. This ratio, expressing the list price of homes over the selling price, will reveal drops in prices. Ratios are given for periods of time -- say, a month or a quarter -- showing the effect of price reductions on time on the market.

Find the agent who can expose your property to the most buyers. Call or e-mail me to show you how together we can make this happen

A Brighter Tomorrow for Real Estate?

2006-12-30T07:39:00.000-08:00

2007 will ring in at Midnight Sunday. We wish you a very Happy New Year!

An interesting article on MSN RealEstate.com shows some positive signs for real estate in 2007. They reported that interest rates are the wild card here. The Mortgage Bankers Association of America expects the Federal Funds Rate -- the interest rate on overnight loans between banks -- to remain at 5.3% throughout 2007, with the average 30-year fixed mortgage rate climbing to 6.6%, from 6%, and the one-year adjustable mortgage rate average staying about the same at 5.8%. According to the NAR, the Fed Funds Rate will fall to 4.8% by the end of 2007, the 30-year fixed rate will hit 6.7%, and the one-year adjustable rate will decline to 5.5%.

But no matter how you spin it, interest and mortgage rates are and will remain at historically low levels. The rest of the economy isn't in terrible shape, either -- the unemployment rate hovers around a relatively low 5%, and the stock market is in the midst of an encouraging rally.

"The law of supply and demand, more than anything, is going to be the driving force that keeps the market relatively 'flat,' throughout the year," says Rizzo. "Since we expect the economy to continue to improve, rents to continue to rise, interest rates to remain relatively low and investor supplies to be absorbed, the 2007 'flat' market will set the stage for brighter predictions in 2008."

May 2007 be a great year for you andyours!

A 2007 Housing Outlook

2006-12-26T14:41:00.000-08:00

BusinessWeek.com reports that Americans are increasingly nervous about the real estate market in 2007. They say they have good reason to be. But the news isn't all bad: Interest rates will remain at historically low levels, homebuyers will see more opportunities, and, best of all, for those planning for the long term, 2009 could be primed for a comeback.

To gauge what the next 12 months might look like, though, BusinessWeek.com asked economists at leading real estate research firms to provide their outlooks for the housing market in 2007. The less-than-festive consensus: Home prices will continue to fall in some markets, and the rate of price appreciation will slow in most places. Declines in homes sales, which directly influence price trends, will set the stage for another year of price decreases in 2008. Foreclosures will continue to increase. For those struggling to hold onto their homes, their net worth will shrink as these homes lose value. Long-term mortgage rates will rise. Housing starts will see double-digit depreciation, the sharpest decline since 1991, the worst year for housing starts on record.

Grim as that might sound, there are some bright spots. Nationwide, home prices will be flat to up slightly in 2007, with many large markets seeing small increases. While new home sales will be down for the year, existing home sales will also be flat. And housing starts won't see as sharp a decline as they did in the early '90s or early '80s.

Another reason for optimism (keeping in mind that expectations are somewhat lower this year): For many, the ongoing market correction will make the dream of buying a home a reality. "In so many of these markets, housing became extremely unaffordable," says David Stiff, chief economist at financial data processor Fiserv Lending Solutions, who expects average U.S. home prices to appreciate only 0.1% overall in 2007. "Prices moving back in line with household income sets the stage for price appreciation in the future.

NOVEMBER CHEYENNE RESIDENTIAL REAL ESTATE STASTICS

2006-12-17T15:29:00.000-08:00

Single Family Homes
Active 454
Sold 85
Average List Price$193,536
Average Selling Price $191,902
Average DOM (Days on Market) 89

Rural Residential
Active 180
Sold 32
Average List Price $271,800
Average Selling Price $264,653
Average DOM (Days on Market) 103

Condo/Townhome
Active 150
Sold 318
Average List Price $193,702
Average Selling Price $190,294
Average DOM (Days on Market) 82

Mobile Home
Active 28
Sold 2
Average List Price $28,500
Average Selling Price $23,750
Average DOM (Days on Market) 80

REAL ESTATE. UP, DOWN, FREEZING OR HANGING IN?

2006-12-11T17:55:00.000-08:00

A recent article in the Baltimore Sun says it all. Is real estate heating up, cooling down, headed for a deeper freeze, or just hanging in there despite the challenges? Pick your own theory, but the latest federal report on home real estate price appreciation offers support for each of those scenarios. The third-quarter "house price index" compiled by the Office of Federal Housing Enterprise Oversight examined changes under way in 275 of the largest metropolitan markets.

Now to the four scenarios: Yes, real estate is heating up. You have to be in the right markets, of course, but there are several dozen hot spots around the country.

Everybody knows about the second scenario: Yes, real estate is cooling down. The third-quarter index documented that conclusively. The average appreciation rate for houses nationwide dropped to 0.86 percent in the quarter, or 3.4 percent annualized. That's chillier than it has been since mid-1998.

The deeper-freeze scenario? There's less hard evidence in the latest federal statistics.
But some sobering trends are certainly under way in two categories of real estate markets: First, those areas where the regional economy has been struggling, corporate layoffs and plant closings have pushed unemployment higher, and there is little in the way of immediate relief in sight.

The takeaway message: Even in a general national cooling trend, the performances of individual local real estate markets are governed by the fundamentals of their own economies. There is no single scenario at work here

But there is some positive news overall: In the words of Patrick J. Lawler, chief economist for the oversight agency that produces the price index: "The transition from sizzling markets to normal or weak markets has been orderly so far, and recent drops in interest rates lessen the likelihood that precipitous changes will occur."

REAL ESTATE OR SUZIE'S LISTINGS?

2006-12-05T17:49:00.000-08:00

If you are trying to sell your home at this time of the year, it must feel like pushing a truck uphill, in a blizzard, with your hands behind your back, backwards. You know what I mean. The upcoming holidays have buyers more concerned with Billy's or Suzie's Christmas list than Real Estate listings.

On top of it all there is the famous Cheyenne weather. Want to forecast the next weeks weather? Not me!

But be of good cheer, there are still opportunities for sellers to entice buyers to your home. And doesn't your home look beautiful for the holidays? Buyers taking time out to look at homes in this busy season are serious about purchasing a home. There may not be as many as in May, but they are looking to buy not just passing through.

END OF THE REAL ESTATE SLOW DOWN?

2006-11-27T18:23:00.000-08:00

The worst of the housing bust is over, economists said by nearly 2-to-1 in the latest WSJ.com economic forecasting survey. But they still predict that the average selling price of a house will fall next year. Atlanta, was not part of the double digit percentage increases over the last several years. The market is a more modest and stable market. While the national market may see price declines on 2007, I do not believe that will be the case in the Cheyenne market for 07."

After several years of double-digit percentage increase, housing prices stopped soaring this year. The 49 economists responding to the WSJ.com forecasting survey expect home prices, measured by the government's Office of Federal Housing Enterprise Oversight index, to rise 2.8% this year and to fall by 0.5% next year. That contrasts with a 13.4% increase in 2005.

"We're nearing the end of the slowdown for most markets," said Ethan S. Harris at Lehman Brothers. Prices still have some ways to fall before they'll stabilize, but there are signs that most drastic parts of the downturn - marked by a sharp pullback in demand and new construction - have run their course. The economists' predictions for home prices next year vary widely, from an increase of 7%, predicted by Kurt Karl and Arun Raha of Swiss Re, to a 10% decline, expected by Maury Harris of UBS.

While 20 economists predicted home prices would rise next year, 24 forecast a decline. Just eight of the economists forecast gains greater than 2.1%, which is their average forecast for consumer-price inflation through mid-2007. The Ofheo index, which is closely watched by economists, has never posted a year-to-year decline

December Doldrums or December Opportunity?

2006-11-26T18:28:00.000-08:00

December is known for Christmas, New Year's Eve and slow real estate markets. But one of the best keep secrets is that this is a great time to buy a home. Sellers with homes on the market know that there isn't a lot of traffic through this month. Most sellers are waiting for the holiday season to end before venturing out to find the perfect home. Savvy buyers know that this is a great time to look into that new purchase. Sellers are anxious to get the home sold before the first of the year and may be even more motivated to work with the buyer to make it happen.

If you are in the market for a new home, This December may be the time to make a serious effort to see what is available.

SIGNS OF RECOVERY IN THE REAL ESTATE MARAKET?

2006-11-20T11:37:00.000-08:00

On Nov. 10th Marketwatch.com reported that the Realtor's Association saw "Several "signs of recovery" in the housing market: inventories of new and existing homes for sale is falling, home builders are cutting production, mortgage applications have stabilized, mortgage rates have fallen and remain historically attractive, housing affordability is improving and price declines appear to luring buyers back into the market...The hot boom cities are the problem. But these were the boom markets because they had good economic fundamentals, and for the most part that is still true. This is a temporary correction in these hot markets -- but how you define temporary I just don't know."

A REASON TO BE OPTIMISTIC

2006-11-19T14:00:00.000-08:00

Industry experts are reporting that right now, we are optimistic about the future. The economy has stabilized, interest rates are steady and our confidence is reflected in the ongoing health of the residential real estate market. What this means is that this is a perfect time to be buying or selling a home.

Professionals agree that you need to treat every real estate purchase, especially houses, as an investment rather than an emotional purchase. It is very difficult to buy your personal residence without becoming emotionally involved. But the smartest homebuyers treat home purchases as both a place to live and a long-term investment. I have often said that your home is likely to be your biggest and best investment.

Other relevant news is that the mortgage industry is working hard to make more services available online. They are gearing up to deliver one-stop shopping for their real estate industry clients by making property assessment, flood, title and closing products available online. If you check out their sites you will find an easy way to see what they offer and get a comparison on rates etc.

Lower Interest Rates

2006-11-16T15:28:00.000-08:00

There is some good news for the realestate market. CNNMoney.com reported recently that mortgage rates fell sharply this week on early signs that inflation may be less of a threat, according to a survey released Thursday.

"The Producer Price Index (PPI) and Consumer Price Index (CPI) for October came in lower than expected and bond yields dropped, pulling mortgage rates lower," said Frank Nothaft, Freddie Mac vice president and chief economist.

The 30-year fixed-rate mortgage (FRM) averaged 6.24 percent for the week ending Nov. 16, down from 6.33 percent, according to Freddie Mac's (Charts) Primary Mortgage Market Survey. A year ago, the 30-year FRM averaged at a higher level: 6.37 percent.

"We've probably seen the worst of the housing slump, although it may not have entirely bottomed out yet," said Nothaft. "On the other hand, lower mortgage rates should help stimulate activity in the housing market."

OCTOBER RESIDENTIAL STATISTICS

2006-11-12T16:07:00.000-08:00

Single Family Homes
553 Active
112 Sold
Average List Price $175,247
Average Sold Price $174,270
Average Days on Market DOM) 60

Rural Residential Properites
182 Active
29 Sold
Average List Price $263,612
Average Sold Price $258,776
Average Days on Market DOM) 116

Condo/Townhouse Properties
153 Active
18 Sold
Average List Price $149,974
Average Sold Price $149,631
Average Days on Market DOM) 115

Mobile Homes
27 Active
2 Sold
Average List Price $31,750
Average Sold Price $24,500
Average Days on Market DOM) 158

ARE HOME SALES STABILIZING?

2006-11-09T18:09:00.000-08:00

Existing-home sales eased last month, as did the number of homes available for sale – indicating the housing market is stabilizing, according to the National Association of Realtors as reported by Rismedia in a recent article. Total existing-home sales – including single-family, townhomes, condominiums and co-ops – dipped 1.9% to a seasonally adjusted annual rate1 of 6.18 million units in September from a level of 6.30 million in August, and were 14.2% below the 7.20 million-unit pace in September 2005, which was the third strongest month on record.

David Lereah, NAR’s chief economist, said stabilizing sales should build confidence in the housing market. “Considering that existing-home sales are based on closed transactions, this is a lagging indicator and the worst is behind us as far as a market correction – this is likely the trough for sales,” said Lereah. “When consumers recognize that home sales are stabilizing, we’ll see the buyers who’ve been on the sidelines get back into the market, and sales will be at more normal levels in the wake of the unsustainable boom that we saw last year.” He noted sales already are improving in some areas.

INTEREST RATES UNCHANGED FOR THIRD MONTH

2006-11-05T15:52:00.000-08:00

Federal Reserve Chairman Ben Bernanke has estimated that this year's housing decline probably will cut growth by a percentage point in the second half of this year. The Fed raised interest rates for 17 consecutive times through June in hopes of slowing economic growth enough to restrain rising inflation pressures. The Fed kept rates unchanged for the third straight month at a meeting on Wednesday. But officials gave no indication they were close to cutting rates because of the weakness in housing, saying they were still concerned that inflation is too high.

Some analysts have worried that the bursting of the housing bubble could have a similar impact as the bursting of the stock market bubble in 2000, which contributed to the 2001 recession. But former Federal Reserve Chairman Alan Greenspan told a Washington audience that the economy will rebound after going through a ''very weak patch'' this summer. ''Most of the negatives in housing are probably behind us, but we still have a way to go'' before hitting bottom, Greenspan said. ''We have too much inventory still.'' Inventories of both existing and new homes did drop slightly in September but remain close to all-time highs.

A REASON FOR SELLERS TO BE UPBEAT

2006-10-22T14:33:00.000-07:00

We have said it before, but coming into the fall/winter season it can never be said too many times. This is still a season for sellers to be upbeat. Conventional wisdom used to be that you got top dollar when you put your house up for sale in the spring, ahead of the school year starting. These days that time frame still may bring forth the biggest number of new listings according to the recorderonline.com. But if you went that route and your house didn't sell or if you're only now getting ready to list it, don't despair. Houses sell 12 months a year now, even in the dead of winter.

There's good news, too, says Rands. Potential buyers at this time of year often are more serious than spring and summer weekend browsers. Some may even have money burning a hole in their wallet if their jobs provide year-end bonuses. There is another reason to be upbeat. “We're seeing some recovery,” he says. “We're not sure where the bottom will be, but I think the stabilization phase is just a few months away.”

BUY A HOME IN THE FALL?

2006-10-14T10:39:00.000-07:00

Many home buyers tend to back away from looking at homes in the fall/winter season. Actually this is one of the best times to be looking at buying a home. After school begins and the weather is not as "friendly" as summer, sellers may be more willing to negotiate. There aren't as many potential buyers coming through the door and the spring selling season is still months away.

Interest rates are now hovering below 6.5 percent for a typical 30-year mortgage. Some analysts are predicting rates around 6.15 percent in the fourth quarter. These are still some terrific rates and should give buyers incentive to get out and see what is on the market.

A STRONGER ECONOMY IN 2007?

2006-10-11T19:05:00.000-07:00

Supportive economic data made the decision to hold rates steady in September an easier decision than the "close call" in August, according to the minutes released Wednesday of the Federal Reserve's Sept. 20 meeting of its Federal Open Market Committee, as reported by MarketWatch.

The FOMC said that the housing market was "cooling considerably" and this would cause subdued growth for the rest of the year. The economy was likely to strengthen next year as the correction abated.

This is great news for both buyers and sellers. A stronger economy with steady interest rates will encourage buyers and sellers will be able to list their homes at a fair price and expect the buyers to be there.

TRENDS AND BENDS

2006-10-07T08:30:00.000-07:00

Thornberg Chris Thornberg of Beacon Economics, and an expert in regional economies, real estate dynamics and business forecasting, recently gave a energetic rundown on the American economy. His theme – Trends and Bends – described the typical rhythm of the real estate market. He defined current trends as 1) a decent labor market; 2) stronger income growth; and 3) continuing population growth. “Real estate, real estate, real estate,” was Thornberg’s description of bends. He showed statistics on housing trends which indicate a continuing boom in Colorado and Idaho, but with Idaho’s growth more sustainable, and Colorado’s in danger of bust. Montana and Wyoming are on good trends paths, but not as strong as Idaho.

The fundamental dynamic affecting the area right now is that a lot of people are moving to our communities because they can live anywhere they want, and they choose a place that speaks to their heart. These people often have independent incomes and they are affecting the economy of the region through their spending and investments.

Another factor affecting resort and open West real estate is the dramatic change in the quality of urban life – as cities become more congested, people move to suburbs and resort communities. People are moving because they can – telecommuting is one reason.

AS SEEN ON TV

2006-10-03T15:55:00.000-07:00

Boy you know the market is tough when "Good Morning America" contributor Barbara Corcoran and her team were gearing up for the big open house on Sunday for the "Sell Your House in a Week" challenge and were not able to get a buyer.

They did all the right things. It's all about looking good, and they gave the entire house a makeover for less than $1,000 -- $200 on the outside, and $800 inside. We all know that curb appeal can sell a home. They started with improving that. On the inside one big change was getting rid of dark curtains, blinds and carpets, and repainting to make the space bright, fresh-looking, and ready for a young family with kids. And getting rid of clutter.
They had over 80 people come through on their open house. (Sellers wouldn’t you like to have that happen). They had three parties interested and still no signed contract.

And sellers you thought you had trouble. This was on TV! But buyers beware. This was not in Cheyenne.