Happy New Year

As 2008 comes to an end I find myself reflecting on the past year. We have had a lot of ups and downs in the real estate industry over the past year including record number of foreclosures, decrease availability of financing and longer times on the market. Nationally the real estate industry has been impacted at a greater level than the Cheyenne real estate market. The number of sold homes has decreased by approximately 12-15% over 2007, however the average price of a single family home has remained relatively the same or slightly increased. According to the Cheyenne MLS the average price of a single family home as of November 2007 was $173,691 and the average price of a single family home as of November 2008 was $175,786.

I am looking forward to assisting you in the purchase or sale of a home in the coming year.

First-time Homebuyer Tax Credit

The housing and economic recovery act of 2008 provides a tax credit to first time home buyers on purchases on or after April 9, 2008. This is a tax credit in the amount of ten percent of the cost of the home up to and not to exceed $7500. This is a credit and must be paid back over the next 15 years. This tax credit is only available on purchases through July 1, 2009. So now is the time to take advantage of this. There are income restrictions and is only available on Single-family residences. For more information on this wonderful opportunity please visit with your accountant or tax preparer or email me at marc@cheyennehomes.com

How's the Market

Almost everyone I run into asks me the same question " So, How's the Market" . They are surprised to hear the answer. I say "Not Bad". In general the Cheyenne market is not bad. Our home prices are not decreasing, homes are selling and as noted in my last posting we have had an increase in sales from September 2007 to September 2008. So things are not that bad.

We are finding that Buyers are looking for value in the homes they are buying. If a home is priced well and is in good physical condition the home will sell in a reasonable amount of time. The average days on the market in Cheyenne is between 90-120 days. Homes that are perceived to be priced above the market ( even slightly) are homes that the Buyers will bypass and not even consider viewing. The days of pricing your home over the market so there is room to negotiate are over. Price it right to begin with because you may only have one chance with a Buyer.

Home Sales Increase

For the first time since November 2005 national homes sales rose 1.4% in September 2008 over September 2007 figures. These figures were reported today by the National Association of REALTORS. Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains. “The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri, and Rhode Island,” he says. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”

According to the Cheyenne Multiple Listing Service September 2008 Statistics total Sales for Single Family/Rural Residential/Townhome have increased approximately 16% over September 2007 figures. The average list price to sale price for the month of September in all three catagories was 98%.

It's a great time to buy real estate.

Cheyenne Wyoming

Cheyenne is a community of approximately 59,000 located in the Southeast corner of the state and located appoximately 100 miles north of Denver Co. Cheyenne is a wonderful place to live with a low crime rate, no state income tax and relatively stable housing market. Cheyenne's major employers are FE Warren AFB, State and City Government, Sierra Trading Post and Lowes Distribution Center.

I have lived in the Cheyenne area for the past 28 years and have enjoyed the small town atmosphere with the big city amenities. The people in Cheyenne are friendly and willing to help. It is not uncommon to be driving in the rural areas of Cheyenne and have passing motorist wave as they go by. What a great feeling.