Cheyenne Wyoming Area Expert Connie Webb: March 2010

Cheyenne Wyoming Real Estate Update!  Foreclosure Homes.  The real estate market in Cheyenne is quite robust at this time.  As Spring makes its approach, we are seeing more homes come on the market as families are anticipating Summer moves.  Maybe out of the area, or maybe to a new area in the City of Cheyenne. 

Many people see value in purchasing a Foreclosure Home, or a Bank-Owned REO home.  They feel that if the property is purchased below market value, they can do the necessary cosmetic repairs, and sometimes major repairs, needed to bring this home to Live-In condition. 

At this time in the Cheyenne MLS there is showing 42 Bank Owned properties. This includes single family, rural residential and condo/townhomes.  12 are currently under contract with pending sales.  Many of the Asset Companies that are selling these homes require a purchaser to pre-qualify with one of their preferred lenders.  The buyer does not have to use this lender, but they do need to jump through this hoop.  Also, these homes are sold in "AS-Is" condition.  The Asset company does no inspections, so it is up to the buyer to do inspections. 

A buyer of a Bank Owned property needs to be aware that there may be defects to the property that have

not been disclosed as the banks do no inspections.   It is advisable to do all inspections...(at buyers expense, of course) so that the buyer knows what kind of repairs will be needed.  Many lenders have a program to assist a buyer to get the addional onal funds necessary to fix the home. 

Not all Foreclosure homes are in bad condition.  Many are very nice, clean and need minimal work.  Others need a lot of TLC. 

If a Bank Owned/Foreclosure home is not what you are looking for, there are a lot of great homes available to choose from...

Wyoming CRS Chapter with a Heart Project.  Every year the CRS (Certified Residential Specialists)...choose a project to give back to our communities.  This year theWyoming CRS Chapter has decided to collect donations for GPS units to be given to some of our rural community First Responder units.  Not all of our rural communities have these units and our CRS Chapter would like to alleviate this. 

Almost all of us have had a family member or friend that has had a serious medical condition and needed an ambulance to assist...whether a medical emergency or an accident, these First Responders are the first on the scene.  The first 60 minutes is the Golden Hour...Let's step up to the plate and give from our hearts.  I challenge each and every reader to help with this very important project.  As time goes by, I will update this blog and let you all know how much money..(or GPS units) we have received.  Yes, you can donate a GPS unit if you want...sure would be appreciated!!!

A CRS (Certified Residential Specialist) is a Realtor designation that 4% or less of all Realtors achieve.  To receive this designation, one has to have a lot of continuing education, specifically designed for this designation, have a certain number of transactions completed, and be in the Real Estate Business for a while.  For more information on this designation please go to www.CRS.Com   Make sure your Realtor is a CRS.

The Wyoming CRS Chapter is very dedicated to giving back to our community and over the years we have completed many Chapter With a Heart projects...One year we gathered books on tape and tape recorders and presented them to Nursing Homes.  This was really appreciated.  Another time or two we have received donations from our members and purchased phone cards to present to the VA Hospital.  What a pleasure it was to be a part of these programs. 

To donate contact Connie Webb at Connie@ConnieWebb.com  You do not have to be a CRS member to assist with this project.  All donations are appreciated. 

Cheyenne Wyoming Update.  It is offically Spring in Cheyenne Wyoming!!  Hmmmm...wonder where it went.  We got close to 6" of a nice, wet snow on Tuesday, and it was mostly gone by Wednesday.  Had a river in the street.  This time of year Cheyenne gets a lot of its percipitation in the form of these great wet snows.  We can look forward to more of these.  Seems like we usually get a wet storm as late as the first week of May, so don't put your winter clothes away yet. 

Tuesday, with the cold wind and wet snow, I thought it was just the time to visit one of my favorite restaurants.  So, I ventured out to The Pie Lady!!!   What wonderful pies, sandwiches and soups this place offers.  Over 20 different  specialty pies, and of course the standard favorite ones.

One can't go wrong visiting this great restaurant.  Not a chain, a small business unique to Cheyenne.  Please go by if you haven't already.  The Pie Lady is one of Cheyenne's best kept secrets...Open from 8-8 and closed on Sunday's and Monday's.

Cheyenne Wyoming Real Estate Update.  It's a Great Time to Buy a Home. Cheyenne is on the map as one of the best places to live and buy a home...We all know that!!! Check out cnnmoney.com....this states that Cheyenne is the #2 best place to buy a home.

Here is some of the information that the Cheyenne Board of Realtors sent to our members.... 

"Home price forecast (1 year):* 4.7%

The city has attracted some new employers in recent years, giving the local economy a boost. Cheyenne's job market is also tied to the city's status as state capital, which has kept area unemployment below the national rate.

Cheyenne was one of the few metro areas that recorded home price gains in the past three years, and population growth should help drive up home prices further. The number of city residents jumped by double digits during the 2000s and will probably do so again in the coming decade. That will provide a steady demand for housing, and prices are projected to grow by about 5.5% through 2012."

As Spring moves along, we should see the housing market continue to prosper.  There is an adequate number of homes available in all price ranges.  For the person who wants a challenged home, there are a number of foreclosed homes that affords this opportunity.  Some need a lot of work, some may only need some cosmetic repair. 

As of today, there are 394 Single family homes on the market and there are 105 homes currently under contract.  Since January 1st 2010,  163 homes have sold.  In the rural market, there are 167 available homes with 40 under contract, and 37 rural residential homes have sold and closed.

Many affordable home listings are coming on the market daily.  Visit www.Move2Cheyenne.com

to see all of the available homes.   This home is located at 916 Emerald Dr., just South of The Pointe Park. It boasts of 4 bedrooms, 3 baths, over-sized 2 car attached garage.  The back yard is fenced and has a delightful water feature.  A fenced dog run and a place to park your "outdoor toys"!  Located on a large corner lot, this home has been recently updated from top to bottom and has a huge master-suite addition.

 This home also qualifies for the Homes For Heroes Program.  Visit www.FEWarrenInfo.com or www.CheyenneHomesForHeroes.com  for more information on this program that assists the Military, Law Enforement, First Repsonders, and Medical personel to purchase a home affordably.