State of the Denver Residential Home Market – March 2017

If you’ve ever wondered if weather affects the real estate market, this late winter is proof positive. The spring selling season has gotten off to an early start due to unseasonably warm weather. Pair that with low inventory and high demand and you’ve got a great spring seller’s market in Colorado. It makes a difference in the tactics of the listing Realtor.

Activity declines during the winter

State of the Denver Residential Home Market - March 2017Usually the amount of activity for listings in the residential home market in the area declines during the winter. For instance, February saw a total of 3,878 units and the number of sales decreased by 12.21% compared to the previous month. The difference this rather warm February was that even though listings were lower, condo inventory was up 19.25% with single-family inventory down 7.6%. This caused extreme competition and frustrated buyers.

Median home details

So in the single family home market, the median home looks like this: detached single-family home has 1,742 square feet, four bedrooms, three bathrooms, spent 11 days on the market and was built in 1983. The median attached single-family home/condo was 1,151 square feet, two bedrooms, and two bathrooms, spent six days on the market and was built in 1984. These median homes sold for an amount that remained relatively unchanged at $447,838 while the median price rose 3.68 percent to $394,000.

This February

This February there was a surge of new listings with a monthly increase of almost 20%. Of course that increase was overshadowed by an even bigger increase in contracts. We’re talking to the tune of homes under contract increasing 17.82% from last month, and 4.79% from February of last year.

So what does this say? It says don’t be afraid to list. It’s needed and your home will sell.

source: Denver Metro Real Estate Market Trends Report – March 2017

Why Now Is The Time To Sell Your Home!

Why Now Is The Time To Sell Your Home!You might have heard that it’s not a good time to sell your home now that the election has come and gone. Don’t listen to them! Despite the fact that there are signs of a slow down, the real estate market is still hot and you could easily sell your home today.

Sell in a slow or hot market

So even if the market is slowing down a bit, how can you sell so easily? Why should you? Well, if you could have a Realtor come and tell you what your home was worth now or after you update a few things would you believe it? Of course! Homes that are up to date, in great shape will sell in a slow market or hot one.

Don’t fear, the market is still hot

Many people were holding off buying or selling until after the election, causing the slow down. As with any election year and the time leading up to it, who is in office makes a difference in the economy and economic fortune telling. Will they be pro-business and make it easier for investors? Will they be big government regulators who demand that home prices be regulated so everyone can buy a home, affordable or not? That question scares people into not moving until they know. Now that it’s over, and now that we know which party will be in control, things will pick back up.

Don’t be afraid

So what does that mean for you? Don’t be afraid to sell now. The market it still active and looking up. Fix up your home, contact a Realtor and see how well you can do TODAY. Why wait?

Why The Market Slowing Down Is Good For Denver Real Estate

The real estate market in Denver has slowed down, but that’s a good thing. It sounds counterproductive, but for buyers and sellers, it is a good thing and here’s why.

Puts homeownership within reach

Why The Market Slowing Down Is Good For Denver Real EstateFor buyers it means that homeownership is within reach again. In a slower market home prices are lower. That’s great for buyers, obviously.

What makes it good for sellers is that they don’t have to rush to market. Knowing that they aren’t “missing out” on a hot market means that they have time to get it right. Updates can be made, and they can take a week or month to get their home in the best shape ever.

For a seller that means the best price for their property.

More time and less worry

In a slower market there are fewer frantic buyers buying anything and everything just because it may not be there the next day. Not great for sellers, obviously. But for buyers it means they can take time to see more homes and find the right one, instead of feverishly buying SOMETHING because it may disappear from the market the next day. With that also goes the bidding wars. Having more time to decide without the worry about being outbid.

Better price negotiations

A slower market also gives a buyer more negotiation room for buyers and sellers. For sellers a slower market means less competition. That will help with price negotiations. For buyers it means you can also negotiate price, but with it you can negotiate in repairs, closing costs and other concessions.

Don’t give up your dreams of homeownership or selling your current home because of a slower market. It can be a great thing for you as a buyer or a seller. Call your Realtor today and ask how they can help you.

Buying In Denver – Why The Fall Is A Perfect Time To Buy a Home!

There is a thought in the general public that Fall is not a good time to buy a home. The common reasoning is that the kids are back to school, people are too busy with school activities, sports, holidays and such and don’t or won’t have time to house shop or don’t want to uproot kids in the beginning of the school year.

Well while that is true in some areas, for most of the country Fall is a fantastic time to buy and here’s why.

First, prices drop once summer is over

Buying In Denver - Why The Fall Is A Perfect Time To Buy a Home!Sellers who didn’t sell over the summer panic a bit and tend to lower prices in order to sell. They are worried that a slowdown in the market will mean they are stuck until next spring so they drop the price.

This gives you, the buyer, a bit more buying power than other times of the year. Plus, buying around or before the holidays is a great way to get yourself in the holiday spirit. Moving in and decorating a new home for the holidays is fun!

Tax break

Another reason is getting the fantastic tax break of home ownership this year instead of waiting until next year. You can deduct mortgage interest, mortgage insurance premiums and property taxes. Also any prepaid taxes and insurance premiums paid at closing can be deducted too.

If you’re worried about owing taxes this year or if you really don’t want to wait until the spring of 2018 for the refund, buying now, in the fall, is a smart decision.

So don’t “buy” into the common wisdom that you shouldn’t buy in the fall. Fall is a great time to buy a home. So call a Realtor and get house hunting now!

Buying A Home In Denver – You HAVE to Have a Competitive Offer

If you’ve been thinking about buying a home in Denver you’ll need to be sure you can make a competitive offer on the home you find. If not you won’t be living in a Buying A Home In Denver - You HAVE to Have a Competitive Offerhome in Denver! There are a few things that you should have in place before you start looking to be sure you can make that competitive offer.

Start with your down payment

You need to be sure that you have at least 10% to put down, if not more. That takes time and a will to save. But no money down in Denver isn’t going to fly. There are too many others who have saved and will make an offer with the down money necessary to make the deal.

All cash offer

Here’s an even better idea, make an all cash offer if possible. It’s not an easy thing to do, but if you are selling your current home and you have enough equity in it that you can do just that, do it. A seller who is guaranteed to close without the hassles a mortgage application will bring is going to jump at an all cash offer.

Contingencies

Speaking of selling your current home, if you want to get that new home don’t enter into a contract for it until you have one on your current home. If you haven’t gotten a contract on your home, you’ll want a contingency that lets you out of the new contract if your home doesn’t sell. If someone else puts in an offer without any contingencies you can bet your current home on the fact that the seller will take that offer over yours.

Lastly, if you can get a conventional mortgage, get one

Many sellers will turn down an offer for a buyer who has to use an FHA or VA loan. Why? They take longer to close and require more inspections. Those inspections will mean the need for more fixes that need to be made. Why accept that when they can accept an offer that doesn’t drag out the process and cost them more money?

Be sure to get your ducks in a row if you want to buy a home in Denver!

If you would like to work with a Denver Realtor who will actually help you buy a house, give me a call today! 303-452-5853