Yesterday I had a call from a woman who had identified a property here in Denver, but since she had already "done fhe legwork and found the house" she wanted half the commission back, and she wanted help with the contract, plus shepherding it through to the end, at closing.

I don't work like that.  Identifying the property is the easiest part of the transaction.  Negotiating a contract and seeing the details of the transaction through to closing is the hard part, and the one with the most legal pitfalls for an agent.  Naturally, I turned down her offer for compensation

What I WILL do is work as a consultant for a fee.  My fee is negotiable, but only within reasonable limits.  I recently served as a contulant on a transaction where the demands weren't too bad.  I charged a flat fee for that one.  If someone wanted to negotiate an hourly fee, I'd be agreeable to that.

Normally the way I work is to collect my usual commission from the seller or the listing agent, and only if that isn't forthcoming, say when dealing with a For Sale By Owner (FSBO or fizzbo, as they're called in the trade) does the buyer have to pay anything.  But in all my years in real estate, no client has ever wound up paying the commision.

I can't help but wonder who these folks found to respresent them as an Exclusive Buyer's Agent.  Lots of agents will offer to do a transaction for almost nothing, but not many in the National Association of Exclusive Buyer's Agents (NAEBA).  The ones who do probably don't have a lot of business and will do anything to pick up $750 or so.  So the buyers probably will get an inexperienced agent to help which could cost them in the long run.

Yesterday as I was driving by Buckingham Square in Aurora (Mississippi and Havana) I wondered what would happen to the old mall now that Dillard's has moved to Aurora Town Center.  It looked like the ghost of shopping centers past with an empty parking lot and just a few stores still open.

Today we learn that a mixed use retail-housing development will be built with large stores, specialty shops, restaurants -- very much wanted by the community -- and likely rental housing.  It remains to be seen what form it will take.  Will it look like the development at I-225 and Alameda Parkway -- Aurora City Place, also developed by Miller Weingarten Realty LLC, an Englewood firm?  Or will it look like Belmar on West Alameda and Wadsworth, the redeveloped site of Lakewood's old Villa Italia mall?  Or maybe City Center in Englewood, the redeveloped Cindarella City mall?

Open air retail shopping areas are the 21st century's replacement for shopping malls built in the 1950s and -60s.  Lots of space for walking and gathering, while still making space available for parking. 

Denver's real estate market continues to provide great opportunities for buyers, but sellers will have to wait for better news.

Average prices in July for single family homes in Denver dropped slightly from June, but were up 4.59% over June 2005. Inventory rose to a new high of 31,989, 21% higher than last year, but just 3% over last month, indicating an increasingly stagnant market. The number of homes sold or under contract in July also dropped slightly from June's number, but when compared to 2005 the drop was nearly 10%. The length of time it takes to sell homes (both residential and condominium) increased over last year by over 15% to 95 days on market. On average residential homes are taking 90 days to sell, while condominiums and townhomes are taking 113 days to sell.

As was the case last month, the average price might have dropped even more if it hadn't been for several high-end home sales during July acting as outliers. Anecdotal evidence confirms the statistics. Agents are pointing to homes in high-end neighborhoods like Hilltop selling for close to $3 million, which drives up average prices. Median prices are a better reflection of actual market value.

Average price for a residential home (not a condo or townhome) was $328,721 compared with $335,111 in June, a 2% drop. Median price dropped slightly from $261,750 to $259,500. Condos fared better with a rise in price from $159,900 in June to $163,000 in July or a 2% increase, and a 5.5% rise in the median price to $194,705 in July from $184,566 in June.

Experts attribute falling prices and the decreased in number of sales to rising gas prices which don't affect the discretionary spending of higher-end buyers as much as mid-level buyers.

But national economic news has shaped a "wait and see" attitude. Most economists are optimistic about the housing market, believing that the housing "bubble" won't burst, but slowly deflate to more normal levels. Other economists, such as Paul Krugman of Princeton, are more concerned that housing will take a real hit and affect the national economy more significantly, possibly providing the underpinnings for a recession.

Because I'm an Exclusive Buyer's Agent (EBA -- I never list homes) people ask me all the time, "When's the best time to buy a house?"  Sometimes they want to know when they can get the best deal on a house, sometimes they want to know when the inventory (number of homes on the market) is high so they have lots to choose from, other times they just want to know whether "now" is a good time to buy or should they wait.

We have "seasons" of inventory in the Denver real estate market.  During the winter holidays the season is slow and fewer homes are on the market.  Sellers don't want to be bothered during the holidays having to keep the house clean 24/7 when they have other things to do.  So during the holidays is a good time to buy because sellers are more willing to make concessions, more anxious to sell.

Spring is our biggest season, with more homes on the market and more buyers looking.  The inventory continues to be fresh as new homes are added and homes sell that have been on the market awhile.  So if you want the best inventory, spring is the time to buy.

Summer is a busy season, too.  Buyers want to get into houses before school starts in mid-August, so by the time September rolls around things have settled down a bit.  Sellers may be less willing to agree to concessions during the spring and summer months, but it all depends on how long the house has been on the market and how anxious they are to sell.  In a buyer's market, like the one we have now, when houses have been on the market for awhile sellers are offering concessions.

So the best time to buy a house is when you need to.  There are benefits and drawbacks to buying in any season.  It's your call.

Give me a call at 303-587-3509 with any questions you may have about today's market or just about buying a house.  Or you can email me at Judith@Buyers-Advantage.net