Today the Coldwell Banker National 10 day sales event started. For those of you who haven't heard about it this what it is.

The Coldwell Banker offices which have chose to take part in the last few weeks have talker to their sellers about reducing the prices of their listed homes by 5% or more for at least 10 days. This event is being promoted nationally and locally to try and get the buyers sitting on the fence to buy and overpriced listings reduced to a price where they just might sell. After 10 days the seller can raise the price back up if they so choose to.

The Coldwell office here in Montrose Colorado is taking part and we have over 50 properties that have reduced the price 5% or more, quite a few have gone 10% and some 20%. The feed back we have received today from other brokers is very positive. Some would like to know if we could do a City wide co-ordinated sales event next time with other companies. I say yes if helps move homes let's do it.

We have seen increased showings today and buyers calling asking what the 10 day sale event is all about, all feedback has been very positive with some brokers all ready saying they will be bringing offers on some of the reduced properties.

This Sunday  we will be holding open 20 homes that are in the sales event. Also the following Sunday more Open Houses.

I'll let you know how it goes next week but I can tell already some properties are going to be sold because of this, just a question of how many??

www.MontroseHomeConnection.com

Here are the home sales numbers for Sept 2008 for Montrose Colorado coparing them with the last couple of years in Sept.

Sept 2008              Units Sold               Days On Mkt                Avg Price Of a Home

                               42                          182                              $224,516             

Sept 2007                53                           137                              $200,298

Sept 2006                81                           137                              $245,692

If you have any questions about these numbers or would like a more detailed report please contact me  www.MontroseHomeConnection.com  

Seeing as the bailout really isn't going to help those people being foreclosed on maybe it is time the mortgage companies/banks came up with a plan to help their mortgagees.

Instead of foreclosing why not lower the principal amount owed which in turn lowering the payment to the new principal amount, maybe the interest rate is lowered or maybe it stays at the orginal amount. Do this without going through a refinance which eliminates all the closing fees.

An example: A house has a begining mortgage of $300,000 less than 5 years ago today the house is only worth $250,000. Of course an appraisal would have to be done in order to establish todays value. once established, lower the principal to $250,000 use a one page rider to the exsisting deed of trust stating the new terms and of course record it for future reference.

I know there would have to be some limits and caps on it and you could only do it once. Surely this would save a lot of homeowners from being thrown out of their homes. It would surely in the long run be cheaper for the banks/mortgage companies. No vacant houses with maintenance, attorney fees, holding costs and the time involved in foreclosing and them putting it up for sale and waiting for a new buyer.

Is there no inovation left in this country or do we want to sit around with our hands out waiting for the government to step in.

www.MontroseHomeConnection.com

It is going to be very interesting to see who wins this battle of the banks. Obviously the best deal for Wachovia is the Wells Fargo deal. It is also the best deal for Shareholders Taxpayers e.t.c.

Why oh Why is the government still backing the citi deal? Citi was only a buying a small part of Wachovia and they are using government money to do it.

I for one will not be very happy if the government persists in helping citi do this deal. This is just more of what got us here in the first place. I was not in favor of the bailout to begin with, the free markets should dictate what happens. The strong companies will survive and the badly run ones won't.

Keep going Wells Fargo don't back down now.

www.montroseHomeConnection.com

So for all you old timers out there do you remember the Resolution Trust Corporation that government entity from the late 80's early 90's that handled all the foreclosed properties from the savings and loan bailout.

What goes around comes around, things that go out of fashion come back into fashion years later. So here we are again to the government is proposing bringing back an entity to buy all those properties with bad loans and sell them off.

What say you good or bad idea. Pesonally I believe it is a good idea the sooner some stability comes back thge better. Just today some buyers of mine who made an offer the other day suddenly have cold feet today because of the Wall St meltdown despite the fact that interest rates are at 40 year lows again.

www.MontroseHomeConnection.com  

Here is a quick run down of the home sales numbers for last month August 2008 in Montrose Colorado compared to Aug 2007.

1.    Aug 2007   units sold 76    Avg Sales Price $203,506   Avg Days on Mrkt  149

2.   Aug 2008    units sold 44    Avg Sales Price $192,848   Avg Days on Mrkt  128

As you can see the numbers are down. I feel that all year the numbers have been down about the same on a month to month basis. My opinion is that we are in a pattern now that is going to stay about the same month over month which means the market is at about the bottom, I don't see much change either up or down for the forseeable future.  www.MontroseHomeConnection.com 

This very nice cute 2 bedroom 2 bath 1130 sq ft home was built in 2002 has had one careful owner. Nicely landscaped, fenced, backs up to City park and has partial views of the mountains from the covered patio. Priced at $169,500 we are priced to sell come by and see this Sunday. www.MontroseHomeConnection.com   2136 Mead Lane Unit B   1/2 a duplex no monthly HOA dues. For all your Real Estate needs in Montrose e-mail me brownbrit@aol.com

Yesterday I was in a class all day about Real Estate and the internet.

One of the things I found interesting that I thought I would share is the the ability to send a Text message from your computer to any cell phone and receive a text message back to your e-mail address. Here is the web site where you can go to do this. Oh by the way it's FREE   www.txtdrop.com  

  www.MontroseHomeConnection.com  

In the last 2 weeks I have been as busy as any time this year which is great....except I am chasing my tail.

1. Recieved an offer on a new listing for 10% less than asking only been on the market 3 days needless to say no deal.

2. Wrote an offer on a piece of vacant land that has sold 3 times since Jan 07 that sales price was $189,00 followed by Jun 07 sold for $225,00... Oct 07 Sold for $280,000 now listed at $310,000 My buyers were willing to pay $280,000 Why any more in this market? ...No Deal

3. Wrote an offer for cash $350,000 Home listed for $429,000 built in 1978 and it shows no work done to it in 30 years would be my guess, needs a new roof, paint inside an out, fixer for sure close in 10 days. Listing agent is owners Mother we are not selling it for less than $415,000...No Deal

4. Wrote an offer for $5,000 over list price on an REO home, competing with 5 offers, The bank took another offer...No Deal

5. Today a house I had under contract for the last 2 weeks, my list another broker sale, loan denied, deal dies...No Deal.

6. Showed a house last night people like it, looking to buy it as a rental been on the market 3 weeks, told this morning by the listing agent there is an offer on the table, my buyers don't want to get into a bidding war decide not to make offer.  www.MontroseHomeConnection.com  

   This 12.5 Acre piece of property is located about half way between Montrose Colorado and Ridgway Colorado.  There are good views of the San Juan Mountains There are no covenants. The property can be split into 2 pieces. Access to all utilities are in the County Rd. This property is only a 10 minute drive to Divide Ranch Golf course.  Priced @ $219,900  Owner would consider financing with 25% down. Contact me  www.MontroseHomeConnection.com