Tracy Shaffer
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Why Do I Keep Getting This Newsletter?

amazing soulsAdmit it. This thought has crossed your mind, hasn’t it? You’ve probably even made a mental note to ask me, or worse… unsubscribe. So what makes me send you this monthly missive? The reasons are few, but they’re mighty.
1. Yes, I am in the business of helping people buy and sell homes and I’d like for you to think of me should that thought also cross your mind. Pretty crafty, huh?
2. To keep you up to date with the Denver real estate market, how it’s doing and where it’s headed. Like this little ditty from USA Today.
2. I believe that life is richer when experienced in community, and that a community is empowered by engagement.
3. I believe that real estate is all about story. Every home, every buyer, every seller, comes with a tale to tell, a story to reveal.
4. I have a knack for meeting interesting people who do really cool things and I want to share them with you.
And here comes the mighty…
5. Every month when I send out my newsy little newsletter, chock full o’ tips about home values and market trends, writing of the wonders of a swanky little art space, or the best place to take a burlesque dance class on a Sunday morning, you call me. You reach out via comment, Facebook, phone or email to let me know what you thought, ask me a question, or (best of all) set up some face-time. And I like that. A lot.

Building and deepening relationships, creating dialogue, drinking coffee… whatever I can do to help you put a little bump in your daily grind.

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Tracy Shaffer
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Housing Market Predicted to Rise in 2014

market forecast
The National Association of Realtors just wrapped up their 2013 Conference & Expo. Chief economist for the organization, Lawrence Yun offered his insight on what to expect for the 2014 housing market: steadiness in existing-home sales over the next year as prices continue to ascend.
Based on what has happened in 2013, Yun says he expects existing-home sales to be up about 10 percent in 2013 to 5.13 million and that 2014 will hold fairly even at about 5.12 million.
We in the Denver housing market, predict continued growth in the number of homes sold, with the accelerated appreciation of 2013 to level out in ’14 to around 4 percent.
National median existing-home prices should end this year about 11% higher than 2012, while next year’s growth is expected to nearly half of that. Those who’ve been following the return of the housing market know that the past two years have shown a 20% cumulative increase in existing-home sales with prices rising an average of 18%. Incomes have not kept pace, rising between 2-4% in the same period.

“We’ve come off of record high housing affordability conditions in the past year, and are now at a five-year low, but conditions are still the fifth best in the past 40 years,” Yun said, noting that the median-income family should still be “well-positioned” to buy a home in 2014 in many areas.

Affordability, limited inventory (especially in metro Denver), stringent mortgage standards and rising interest rates will all factor into the expected gains over the coming year. Housing starts are predicted to fall short of the underlying demand, while sales of new homes are expected to total 429,000 in 2013 and 508,000 next year.
Based on Lawrence Yun’s forecasts,the top 10 markets to watch for a housing turn around in 2014 are Salt Lake City, Utah; Naples and Tampa, Florida; Atlanta, Georgia; Boise, Idaho; Houston, Texas; Charlotte, North Carolina; Denver, Colorado; Seattle, Washington; and Tucson, Arizona.

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Tracy Shaffer
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Sellers, Buyers, Pants on Fires: and the truth about real estate agents.

picture-of-a-shifty-used-car-salesman-300x237
Real estate agents are not used car salesmen. We’re not interested in selling you a car [or house] and getting you off the lot before the wheels fall off, au contraire.

Why, if I had a dollar for every time I’ve kept the wheels on a deal….

There are a lot of misconceptions in the real estate business, and then there are the facts. In his book “Buyers are Liars and Sellers Are Too”, author Richard Courtney humorously debunks the irrational thinking that wraps the brains of homeowners and wannabe homeowners tighter than packing tape. From my old wooden desk his views are quite funny, but in the real world of real estate… not so much.
Courtney’s point is not that anyone’s intentionally dishonest, but that truth is mutable. For example, the laundry list of buyer “home must-haves” becomes something different after viewing twenty houses in their target area and price point. And those sellers, armed with Zillow statistics and trusty advice from the FSBO neighbor who sold for 100k less, believe all they have to do is name their price and stick a sign in the yard, knowing they’re probably overpriced. Truth comes later, when it’s still on the market long after the open house balloons have wilted and the flyers are gone from the brochure box. And it stings.
The first time I meet with a potential client, I ask them for permission to tell the truth. Invariably they smile, nod and agree they’d want nothing less, but sometimes as the process unfolds, selective amnesia slips in. Whether the market is up or down, favors buyers or sellers or you like what I have to tell you or not, here’s the truth.
Sellers:
• Your house is only worth what a buyer is willing to pay for it.
• Well priced homes sell quickly, often over the asking price.
• If you don’t have showings, you can’t sell your house, and if you’re priced too high you won’t have any showings.
• If you’ve had 10-15 showings without an offer, you’re overpriced.
• The colors you chose to match your belongings look too personal once the moving truck pulls out the driveway.
• You may hate beige but buyers love it.
• I cannot make anyone buy your home.
Buyers:
• I cannot make you buy a home you don’t want to buy.
• If I could do either of the last two I’d be writing the book on “Magical Realtorism” from a beach in Bali *waves to cabana boy*.
• You may want everything on your “dream house” list, but you might not get it all. Hopefully you’ll come very close.
• Realtors want you to pre-approve with a lender because it is in your best interest, not theirs (though it doesn’t hurt me either).
• Buying a home without an agent does not mean that the seller will automatically knock my commission off of the price. (Better to have someone working for you, especially when they have someone working for them.)
Homes do not sell because you put a Saint Joseph in your garden or your Mayan healer cleansed your karma with a smudge stick and an eagle feather. There are more than 20 people in the average residential real estate transaction. When you are looking to buy or sell you need an advocate to manage the timeline, the deadlines and the multiple personalities. Dream homes are found and sold because you’ve hired someone who knows their field, the market, the law, and helps their clients buy and sell their homes every month.
And that’s no lie.

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Tracy Shaffer
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Fall Stays Strong in the Denver Housing Market

aspensAutumn looks golden for the Denver housing market, as sales remain brisk. Following the hot-as-wildfire spring of 2013, summer found balance with the seasonal increase of inventory, with no cooling trend in sight as fall turns in a solid start to the 4th Quarter. Home sellers are glad to be back in the game, while motivated buyers are finding a bit of relief from the frenzy as the after school market brings a more measured pace. The latest data from Metrolist®

points to an unseasonably strong local market heading into the fall selling season. High inventory levels and homes sold numbers coupled with a leveling of average home prices indicate an extended and robust local market. By all year-over-year comparisons, the Denver market is significantly healthier than it was at this time last year. Twenty percent more homes closed in August 2013, over 5,500, than in August 2012. “We expect to see continued high sales velocity and inventory numbers well into the winter months,” noted Metrolist President and CEO Kirby Slunaker.
Available homes on the market increased over 6 percent in the past 30 days, providing a stabilizing factor for the market overall. While the available inventory of homes and condos continues to increase over prior months, there is still less than a 7 weeks supply of homes and condos.
“The impact of seasonality may not be as significant as we’ve seen in years past,” said Slunaker. “Increasing inventory spurred on by a hot early buying season will continue to provide sellers and buyers prolonged opportunities late into the year.”

Average sold prices decreased one percent month-over-month, averaging just over $312,000, but home prices are up nine percent from this time last year. Meanwhile, the average days on market (DOM) was recorded at 39 days, down 39 percent from this time last year. The low DOM figure indicates a quick turnaround time and continued competitive demand for Denver-area homes.
Slunaker continued, “Rising mortgage rates have impacted the local market slightly, primarily in the mid-level market. Luxury listings are still seeing significant strength, while first time and entry level buyers seem to have taken the changing rates in stride.”

If the real estate market continues to look as good as the Denver Broncos… Super Bowl party’s on me!
TracyShafferSignature

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Tracy Shaffer
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What Eve Harrington Taught Me About My Real Estate Business

all about eve
Working as a professional actress has taught me many things: tenacity and humility for one. (Ha!). Along with the starring roles and the smaller roles come the understudying gigs. They’ve kept me on my toes, fully insured and employed. Largely the experience hasn’t been in the glamorous, deceitful, clamoring-for-fame vein portrayed in the 1950 film classic, All About Eve, mine have had been more in line with the Girl Scout motto.
Three decades in the industry has kept me ambitious, created a strong work ethic and instilled a somewhat healthy insecurity that feeds my drive. Pounding the pavement, perpetually prospecting and practicing persistence is the perfect training ground for a career in the real estate business, but nothing could have prepared me for spring of ’13.
After Romeo & Juliet, my first foray into the First Folio, I was looking forward to a seasonal ramp up in the real estate world and my end of season gig at the Denver Center Theatre as understudy in “Other Desert Cities”. Shoulda been a cakewalk, it was not.
The rapid acceleration of the Denver housing market coincided with my ascension from understudy to starring role and the first audience in just eight days. (Actually it was a 5 character ensemble play, but ‘starring role’ does sound, well… more dramatic). Time to drill down and focus on my lines; stringing together the beads of this complex and demanding character would come later. I was hitting the wall as we hit our “10 out of 12”, theatre speak for long-ass day, when an offer came in on my hot Congress Park listing. Negotiating a deal and my way around the stage, I had to find my clients a replacement home. Dinner breaks became showing appointments, opening doors as my lines streamed through my headphones, I existed on chocolate bars and power naps until… “You’re on, Eve.”eve harrington
The show opened, the clients closed on their new house and the actress/Realtor spent a week in Vail recuperating, which is important as the pace has not slowed. The message of my Girl Scout leader, BE PREPARED, has a whole new meaning with the real estate market at a break neck pace. “Prepared” to drop what you’re doing to snap up a showing on a snappy place, “prepared” with a purchase contract ever-ready on the tablet, “prepared” to list a home on Thursday, hold it open on Saturday and present offers on Sunday. “Prepared” went from having snacks and water in your ditty bag to performing the above tasks for multiple clients, sleeping very little, and loving it. If you’re looking to buy or sell a home, or both, I still have some treats in the ditty bag. Mostly chocolate.

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Tracy Shaffer
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Buying a Home? Find what makes you feel good.

young george If you’re like me, you suffer buyer’s remorse any time you get a new pair of jeans. So what happens when you plunk down a quarter, half or million dollars for a house? Here are some great “homeopathic” remedies to help you avoid (or reverse) that bitter pill.

1. Before you start, imagine your life after you close the deal & move in. What are you trying to accomplish? What lifestyle are you creating by this move and how does it change your daily life? Write down everything that is good and what is changed, including the financial aspect. Write down your wants, needs, musts and deal makers/breakers. The more detailed you are, the more you will have something to compare your actual house to. Does your dream house a reasonable match to these things?
2. Ask yourself “How does this decision make me feel?” This is a highly emotional process, a decision made with head and heart. Approaching it with only reason or emotion might land you somewhere you don’t want to be. Check in with yourself about how the idea of living in a particular home makes you feel. Now ask yourself how you’ll feel when the mortgage is due or the water heater breaks. (I can feel really good about those jeans until I get my Visa bill.)
3. Don’t get caught up in the worry. If you hated renting and can’t wait to be a homeowner, take care of the details (like turning in your paperwork to your lender, finding homeowners insurance, etc.) and relax into the process. If you have a calm real estate agent*, that should rub off on the whole transaction. It is natural to be nervous and “high-center” as you move from contract to close, so practice gratitude. Stay in the remembrance that you are fortunate enough to own your own place on this earth and say lots of thank yous, it really helps. [*Don’t let my vivacious exterior fool you, I’m very calm under pressure.]
4. Stay grounded in reality. Getting lost in the illusory great deal you could have gotten last year doesn’t help you close the good deal you have today. Remember, home-prices are rising but interest rates are still at historic lows and that’s where your real savings lie.
5. Remember Rule #1: There are no stupid questions in real estate. If something doesn’t look right, feel right or seem right on your contract, with the inspection, or you don’t understand the loan paperwork ASK! Then ask again and keep asking, until you understand or it’s fixed. One thing real estate pros can forget is that it maybe perfectly clear to someone who does this all day long, but not for the one who’s doing it once.
6. If you’re planning to remodel, live there for a few months before you go all HGTV on yourself. Unless you know exactly what’s up and you can’t move in until the reno is done, I suggest habitation prior to rehabilitation.
7. Run your numbers and take responsibility for them. Over-spending on your home is as fashionable as acid wash jeans and a scrunchy. Just because I met George Clooney, doesn’t mean he wants to marry me. The best counsel is to find out the most you qualify for and then buy what your monthly payment says is comfortable.
8. If you still have post-purchase regret, try to resolve it systematically. Make a list of what drives you nuts and what you can change and work to change those things. Go back to the list you made in step one, the gratitude you had in step 3… If that doesn’t help, go buy a great pair of jeans. You never know when Clooney’s coming round the corner.

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