(970) 445-8227

matteilers@aol.com

All posts in Uncategorized

With the end of 2014 getting closer and closer, what might the real estate market in 2015 look like.

The Home Buying Institute offered their 5 predictions for 2015.
1) Home Values will keep rising but gradually
2) Double digit gains limited to California and the Southwest
3) Mortgage rates below 5% for the next year
*but rates might rise by ~0.7% and be at or around 5% by the 4th Quarter of 2015
4) Foreclosure inventory will decline sharply
5) Mortgage loans will be easier to obtain

For the full article: http://www.homebuyinginstitute.com/news/housing-predictions-and-trends-572/

Read more

We have all heard the phrase “cash is king”.  Various shows imply that cash talks and the inference is a discount is available if you are an all cash buyer.   Is that so?

How much do you think using all cash for a purchase might save you in negotiations with a Seller vs having to get a loan and negotiating with a Seller?

Let’s look at the numbers to find our answer.

We will be using Grand Junction single family home sales for 2013 with data from the Mesa County MLS.
*Areas used were: Redlands, North, GJ City, NE, SE, Orchard Mesa, Fruita, Clifton & Palisade

Using these parameters, here were the number of sales:
Cash- 562 Sales
Conventional: 850 Sales
FHA- 538 Sales

Now we will look at the Average Sales Price to List Price ratio (SP/LP).  This will show us how much the Buyer percentage wise was able to bring the final sales price down from the list price.
Cash- 96.46%  (in essence, an all cash buyer was able to bring the sales price down ~3.5% from the list price)
Conventional- 97.60%
FHA- 98.64%

If you were a Buyer and an all cash buyer, you did save yourself money versus a Buyer whom had to obtain financing to purchase.  Cash beat a conventional loan by ~1.1% or $1100 for every $100K purchase.  Cash beat a FHA loan by ~2.2% or $2200 for every $100K.

How did your guess match up?  Did you think using all cash would create a bigger discount?

 

Read more

In 2013, there were 2,2439 sales combined over the following areas that were listed on the MLS.
Areas: Palisade, GJ City, NE, SE, Redlands, North, Palisade & Orchard Mesa

Let’s take a closer look at the breakdown of sales in 2013.
The following is for informational purposes only as I cannot verify the data from which I used to compile this info.

Area/2013 # Sold M- Sold Price M-DOM M-SP/LP #2 Bdrms #3 of Bdrms #4 of Bdrms #5 of Bdrms
Redlands 292 $305,000 93.5 97.33% 12 147 102 23
GJ City 295 $140,000 77 97.42% 83 154 36 11
North 295 $252,000 92 98.27% 10 154 96 32
SE GJ 258 $143,890 79.5 99.84% 18 193 42 5
NE GJ 297 $165,000 80 98.19% 23 197 69 8
Fruita 297 $220,000 92 98.51% 15 162 101 17
Orchard Mesa 288 $158,000 78.5 98.25% 27 185 67 7
Clifton 146 $100,958 84 98.20% 14 117 14 1
Palisade 71 $162,500 98 97.01% 22 32 13 2

Legend:
M-Sold Price = Median Sold Price for all single family homes sold in the area listed
M-DOM = Median Days On Market for all single family homes sold in the area listed
M-SP/LP = Median ratio of the Sold Price to List Price. Obviously the higher the %, the closer the Seller
got to receiving their full list price at the time a contract was submitted.
Bdrms Sold: Following is the breakdown of the # of bdrms sold by size in each area.

Have questions, please let me know.  When it comes time to Buy or Sell, please give me a call so I can put my expertise to use for you.
Matt Eilers- 970-445-8227

 

Read more

Looking for a job in Grand Junction and trying to find out who the largest employers are?

The largest employers in Grand Junction are shown below:
Mesa County District #51
St. Mary’s Hospital & Medical Center
Colorado Mesa University
State of Colorado
Mesa County
City of Grand Junction
Walmart
Halliburton Energy
Star Trek USA Inc
Community Hospital
City Markets Inc
Hilltop Community Resources Inc
Veterans Health Administration
US Postal Service
Rocky Mountain Health Plans
Family Health West
West Star Aviation
McDonald’s
Mesa Developmental Services
Choice Hotels
Home Depot
Union Pacific Railroad

Relocating to the Grand Junction area and need help with buying a home in Grand Junction?  Please call me for assistance as I would be happy to help you in your Grand Junction real estate search.

Read more


The following is some of the highlights taken from the Colorado Business Review put out by University of Colorado Boulder Leeds School of Business.  For the full report, please see this link: http://origin.library.constantcontact.com/download/get/file/1102612802506-67/CBR+2014+Issue+3.pdf

Items from the report:
*Colorado’s GDP grew by 3.8% as compared with the nation which had 1.9%.
*Colorado is recording faster growth rate, personal income, and home prices
*revised numbers now predicting a net gain of 68,000 jobs in Colorado for 2014
*In 2013, Colorado was the 4th fastest growing state in terms of population growth and ranked 5th in absolute change.
*Colorado’s unemployment rate was 5.8%
*DIA is the 5th busiest airport in the nation
*Colorado’s ski industry experienced a record breaking year in 2013-14 with 12.6 million skier visits up 10% from the previous ski season.
*Real Estate, Rental & Leasing grew 1.4% year over year indicating growth in the housing industry.
*Recent drought conditions have spurred the growth of tumbleweeds, so much so that several counties have declared a state of emergency
*The state’s drought condition is dramatically better than 2013.  Topsoil moisture and subsoil moisture are generally adequate on 50% of farm acres which is better than 2013 when adequate subsoil moisture fell below 23% of farm acres.
*Pasture and range conditions indicate a 39% of acres are in poor to very poor condition, an improvement vs 2013
*Oil & natural gas wells have continued to grow in production, coal has suffered a steep decline.
*Construction employment has grown 8% year over year
*Colorado’s top export markets in order are Canada, Mexico, China, & Japan

Read more

                                                                                                                                                                                                              July 9, 2014
Today, we will look at the area in Grand Junction known as Grand Junction City.  Very generally speaking, this is the area bounded by Patterson, Hwy 6 & 50 and around 1st out to 29 1/2 Rd.

This area is known for being home to Colorado Mesa University, St. Mary’s Hospital, Lincoln Park & historic Main Street.
Homes generally tend to be older versus some other areas around town with rancher or rancher with basement style build.

Grand Junction   City 2013 2012 2011 2010 2009 2008
# of Sales 295 284 233 179 213 126
Median Sales Price $141,901 $134,288 $124,625 $147,806 $169,000 $189,900
Average Sales Price $140,000 $135,950 $120,000 $145,000 $175,040 $198,568
Median DOM 77 78 93 96 82 74
Median SP/LP % 97.42% 98.69% 96.27% 96.93% 96.81% 98.11%

* Numbers are using sales as reported on Mesa County MLS
Median DOM-  Median Days On Market
Median SP/LP %- Median Sold Price/List Price as a percentage

Quick Analysis:
In this small 6 year look at Grand Junction City Real Estate, the height of the market was back in 2008 with average and median sales prices just a tad under $200,000.   2008 also corresponded to the height of the job market in the overall Grand Junction pre-recession employment figures.  Since then, Grand Junction lost ~11% of jobs and is expected to return to pre-recession employment in the 2nd Quarter of 2017. For this article, see: http://gjdreamhome.com/grand-junction-jobs-outlook/

Grand Junction City had a steep 3 year loss from 2008 with regard to sales price.  The average sales price in 2011 dropped to $120,000 which was a -39.6% change from the 2008 highs.

Days On Market:  As you can see, the median days on market has remained relatively unchanged.  The Days On Market INCLUDES time when the property is under contract.  Assuming that once a property goes under contract it takes ~30-45 days to close, the median amount of time that a home would go under contract would be 1.5-2 months.

Grand Junction City 2014 Sold Info from Jan. 1-June 30, 2014
-Sales: 122 sales.  In 2013 for the same time period, there was 163 sales.
-Median Sales Price: $142,500
-Average Sales Price: $151,854
-Median Days On Market; 84
-Median Sold Price/List Price %: 97.11%

Grand Junction City:   Currently On the Market
*As of today, there are 126 homes on the market.  *
*The Median List Price is $168,000
*Average List Price is $181,852
*Median Price Per Square Foot: $111.51

If you would like to view any homes in this area, please give me a call.
Buying?  Check out my Buyers Checklist at: http://gjdreamhome.com/ultimate-buyers-checklist/

Follow me on Facebook at Grand Junction Dream Home Real Estate

 

Read more

Continued positive news is coming in on jobs nationally.  Yet is this reflected in the Grand Junction market as well?

Let’s look at the numbers:
*the following information was obtained from a lengthy report generated by IHS Global Insight for The United States Council of Mayors

According to the report, Grand Junction has a pre-recession peak employment in the 3rd Quarter of 2008.  Since that height, Grand Junction lost 7900 jobs which accounted for a 11.8% loss of jobs from height.  While all other major metro areas in Colorado have returned to their pre-recession peak employment levels, Grand Junction has yet to do so.  The projection by the report for a return to peak (in our case, the number of jobs that existed at the height in the 3rd Quarter 2008) will be the 2nd Quarter of 2017.

While Grand Junction has not returned to/surpassed the pre-recession peak for jobs like all other major metro areas in the state, Grand Junction also had the largest % of job losses.  By comparison, Denver had a -5.7% loss, Colorado Springs -6.2%, Greeley -7.1%, Boulder -6.4% and Pueblo -3.2%.   Thus, Grand Junction with a 11.8% loss of jobs was by far hit the hardest statewide.

So, while the news that statewide jobs are back to pre-recession levels except Grand Junction, it needs to be remembered that Grand Junction had the most ground to make up as well.

In what appears to be positive news for the Grand Junction unemployment numbers, here is a breakdown of actual unemployment numbers through end of 2013 (as I read it from the report) with projected unemployment numbers for 2014, 2015 and 2016.
2012-  8.9% unemployment
2013- 7.5%  unemployment
2014- 6.9% unemployment
2015- 6.1% unemployment
2016- 5.6% unemployment

If the projections hold true, looks like the unemployment numbers for Grand Junction are moving in a positive direction.

 

 

Read more

Summer is heating up.  Kids are out of school, families are out and about hiking, swimming and having a backyard BBQ.
Summer typically across the US is also the time for people to move.

Let’s check to see if this holds true if you were buying/selling a larger acreage property or a farm in the Grand Junction/Fruita/Loma/Mack/Palisade area.

For this, I have run a 2 year cycle going between June 1, 2012 and May 31, 2014 looking at when properties sold.  The properties that were looked at were homes that sat on anywhere between 3-20 acres.

Falling is a chart of when homes Sold by month.

Jan 9 5.56%
Feb 10 6.17%
March 10 6.17%
April 13 8.02%
May 23 14.20%
June 20 12.35%
July 19 11.73%
Aug 14 8.64%
Sept 13 8.02%
Oct 10 6.17%
Nov 11 6.79%
Dec. 10 6.17%

Something to keep in mind with the above information is this is the month in which they sold NOT when they went under contract.
Let’s assume that they went under contract ~30-45 days prior to closing.  Therefore, if we take a look at the largest time to buy/sell, it would appear that it would be in the late March-mid June area as this is when these larger acreage properties went under contract.
The rest of the year is fairly even but no other 3 months period rivals this time for when properties go under contract.

Thinking of buying/selling a larger acreage property or farm in the Grand Junction, Fruita, Palisade, Loma, or Mack area?
Please give me a call.  Matt Eilers- 970-445-8227 or e-mail at MattEilers@aol.com

 

Read more

Today, we will take a quick look at sales of single family homes in various areas around Mesa County and see how the sales of single family homes has faired so far this year versus prior years.  The date range that will be looked at will be from Jan. 1-May 31st.

Area 2014 2013 2012
Redlands 93 113 115
North 140 96 114
Fruita 131 104 132
Orchard Mesa 92 123 90
Palisade 18 24 20

Again, the above represents the number of sales of single family homes from Jan. 1-May 31st of each area from 2012-2014.

Now, let’s see what the median sales price was for these sales in these areas.

Area 2014 2013 2012
Redlands $295,000 $317,311 $260,000
North $239,500 $233,450 $240,000
Fruita $219,000 $217,250 $199,950
Orchard Mesa $165,950 $156,000 $137,500

 

Read more