Existing Home Sales Rise

The National Association of Realtors released information yesterday stating that existing home sales rose 2.0% over levels in July, to 7.29 million units. August’s number is just behind June’s 7.35 million-unit record.

Interesting to note, inventory levels rose 3.5% at the end of August to 2.8 million existing homes for sale, which is approximately a 4.7-month supply of homes. Historically speaking, a supply of approximately six months reflects a market that is in balance between buyers and sellers.

Boulder Colorado saw 212 homes sold in the month of August, while inventory stood at 942 homes – Boulder Colorado Real Estate Market Statistics.

It will be interesting to see how the market statistics play out for the remainder of the year, given the recent natural disasters in the Southeast, and the Fed’s raising of interest rates. Stay tuned for more real estate information.

Stylish Boulder Colorado Living

Downtown Boulder Colorado convenience, class, and style are yours in this rarely available sunny downtown loft condo. Revel in your less than five-minute walk to Boulder Creek, Wild Oats, Boulder Public Library, and Pearl Street. This is truly stylish Boulder living at its finest!

Showings will begin Monday, September 26, 2005, and an open house will take place from 1:00-4:00pm on Sunday, October 2, 2005.

Dealing with a Low Appraisal?

My Dealing with a Low Appraisal article was recently published at PropertyTalk.com (in addition to the Sunday edition of Boulder's largest newspaper, The Daily Camera). You can take a peek at it by clicking on the above link. I will be writing articles for them moving into the future, so stay tuned for more content to come.

PropertyTalk.com has also featured the article in one of their USA Investment Property forums, what an honor!

Dept. of Justice files suit against NAR

The Department of Justice has filed suit against the National Association of Realtors (NAR) over a real estate industry rule that it considers unfair to online real estate agents and consumers.

It appears this lawsuit is more about limiting the access of listings taken by "traditional" brokerages, so that the customers of non full-service brokerages would not have ready access to those listings that are taken by full-service brokerages; the latter having more costs associated with the operation of their business, and obvious benefits that come with a full-service brokerage.

You can read about the new NAR policy by clicking here.

You can read more about the lawsuit at the following sites:

The Chicago Tribune
The Register

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What does it mean to be a REALTOR®?

Why the capital letters? Why the trademark? Aren't you just a real estate agent?

I have received the question "What does it mean to be a REALTOR®" from several different people. The answer is relatively simple. As a Boulder Colorado REALTOR®, I am held to a higher level of scrutiny around the way in which I conduct my business. Simply holding a real estate license in a particular state, and becoming a REALTOR® are two different things (for instance, not all licensed real estate agents are REALTORS®).

Let's take a look at the history around the word REALTOR® itself, the major distinguishing factor of holding the title, and try and boil down what the trademarked REALTOR® term actually implies. The NATIONAL ASSOCIATION OF REALTORS® (NAR) was founded as the National Association of Real Estate Exchanges on May 12, 1908 at the YMCA Auditorium in Chicago, IL. The term "Realtor" identifying real estate agents as members of the National Association of Real Estate Boards and subscribers to its strict Code of Ethics, was devised by Charles N. Chadbourn, a past president of the Minneapolis Real Estate Board, and was first used to designate members of the Minneapolis organization. The Minneapolis Board gave all rights to the word "Realtor" to the National Association in 1916. In 1949 and 1950 respectively, the Patent and Trademark Office registrations for the term REALTOR® and the REALTOR® emblem were approved. Dictionary publishers began to list the definition of "REALTOR" as a member of the National Association in 1967. In 1974, the name of the National Association of Real Estate Boards was changed to the National Association of REALTORS®.

Now that we know where the name came from, what does it mean to be a Boulder Real Estate REALTOR®?

A REALTOR® subscribes and pledges oneself to a strict code of ethics that not all real estate agents put themselves through. You can view the current code of ethics at NAR's website here: Code of Ethics. Essentially, the code is made up of rules and regulations, above and beyond common law, by which a REALTOR® must abide. Speaking honestly, these rules and regulations are fair, and are centered on honesty and integrity - rules around disclosure, accounting, competency, and equal services.

In Boulder Colorado, it's somewhat difficult to be in the real estate business with a major provider (Coldwell Banker, Remax, etc.) without being a REALTOR®. Colorado Real Estate Commission rules stipulate that you must work for a minimum of two years under a Broker (such as Coldwell Banker) before you are allowed to work for yourself, however, after that two years, if you are working with someone who runs their own firm, you should look into what kind of ship they are running.

Bottom line, when working with a REALTOR®, you're working with someone who has voluntarily dedicated himself or herself to conducting their real estate business in a fair, honest, and sincere manner.

Welcome!

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