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Nancy Sammons
Colorado Dream Properties
12900 Stroh Ranch Place, Suite 125
Parker, CO 80134
Phone: (303)956-5292
Email: nsammons5292@gmail.com
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Timbers Market Report

April 2019

Timbers Stats for the last 30 days:

The Timbers is reporting a buyers market. 

  • There are 18 active homes for sale ranging from $1,695,000 to $760,000 
  • There are 11 Under Contract homes 
  • 3 home sold in the last 30 days 
  • Average Home price sold in the last 30 days- $900,000
  • Average Days on Market - 125
  • Current Months of Inventory is 18 months

The Timbers is in a Buyers market as the last 30 days we have 18 months of inventory. Days on market is 125 up from 71 last quarter. The average price of homes has dropped from $1,053,510 to $947,500. 

´╗┐Based on information from REcolorado, Inc. for the period 12/10/2018-3/12/2019

Not all properties were listed and/or sold by Colorado Dream Properties. This representation is based in whole or in part on content supplied by REcolorado, Inc. does not guarantee nor is it in anyway responsible for tis accuracy. Content may not reflect all real estate market activity 

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What is a Short Sale Anyway?

An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale?

A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance. Selling your home as a short sale is one way to avoid foreclosure.

As a general rule, lenders lose money when they foreclose on a property. Consequently, they would rather not have to foreclose if it can be avoided. A short sale represents an opportunity to cut their losses because a short sale usually allows them to recoup more of the cost of the loan than a foreclosure process would.

However, don’t think that a short sale is an easy thing to accomplish. In order to get permission for a short sale, you must provide documentation showing a genuine financial hardship. And don’t think that the decision for accepting a short sale is solely in the hands of the lender. Sure the lender must first agree, but this is not the final word. If there is mortgage insurance involved, this company also gets input on the decision. If there is an investor backing the mortgage, they also get input as to whether to accept a short sale.

The transaction process for a short sale can be rather cumbersome as well, whether you’re on the buying or selling side. Many short sales fail due to additional demands by the lender, such as requiring the broker to reduce his or her commission and/or that the seller signs a document requiring him or her to pay back the shortfall.

If you’re on the selling side of a short sale, consider having your agent or other experienced professional negotiate with your lender for a better deal. And remember, if the lender does accept a short sale and forgives part of your debt, that is considered taxable income and you must declare it as such to the IRS.

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