All Blog Entries by Mic Ortega

There are currently 454 blog entries published by Mic Ortega.

 

When is the best time to sell a house in Denver in 2017? I wrote a blog a few weeks ago about the best time to buy in 2017, click here. While the answer for that question is kind of all over the board, the answer for when the best time to sell is pretty easy and straight forward. If getting top dollar for your home is your number one goal, then now through May is the best time to sell with April and May being the two best months for 2017. The average sales price is expected to increase up to $50K the next 5 months so this year should be a great time to sell. But if you wait to long, it could hurt you, so let's explore the timing further. 

I certainly don't expect you to take my word for it so let's look at some hard numbers. Anyone who reads this

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buy a house in denver

When is the best time to buy a house in Denver in 2017? When I'm asked this question, it reminds me of the time I asked the grouchy guy at the nursery the best time to plant a tree. His response, five years ago. Five years ago would have obviously been the best time to buy a house in Denver but since most of us don't have access to time travel, tomorrow is the best time to buy a house in Denver. 

Between now and June, the average sales price for a Denver home is expected to increase by $40,000 with the majority of appreciation in April and May. April and May is when the most buyers will be out and we will see offers in excess of 20k over asking price on a very regular basis. Prices will reach their highest point in July, but this is from all…
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If you are looking for a way to give back this Holiday season and help local children in need, I would encourage you to check out the Urban Niche Group's Holiday Toy Drive. We are collecting new, unwrapped toys for sick kids at Children's Hospital and the Urban Niche Group will match every donation with a like toy in hopes of delivering over 100 toys to Children's Hospital this Christmas. There are drop boxes at Live Urban Real Estate, 3627 W 32nd Ave along with Sarah O Jewelry at 4301 Tennyson Street. If these aren't convenient, please let us know and we'd be happy to pick them up from you. For more information, click HERE.

We've been asked a lot why we chose Children's Hospital for this toy drive. I, Mic Ortega, have a deep connection with

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What will the Denver Real Estate market do as we head into fall and winter of 2016? I write a blog post about the market with the change of each season since the Denver market has become so seasonal. I've heard lots of talk around my office of how slow the market is right now and when we hear this, it's easy to freak out and think the market is slowing and perhaps a bubble is about to burst. But we have to remember that for the past four years, this exact same slow down has occurred in August and September and by next spring, the craziness we have gotten used to will return. To better understand the market, let's look at these very informative numbers courtesy Megan Aller with Land Title here in Denver.

As you can see, the number of active listings

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What is the cost of waiting to buy a Denver home? This is a blog that I try to do twice a year and every time I write it, I think there is no way these numbers will come to fruition. But every time I've written it, the projected average price for a Denver single family home has always met or exceeded the projection and I don't expect it to be any different this time.

Based on job growth, the number of people moving to Denver, lack of inventory and sustained demand, it looks like the average price for a home in May of 2017 will be pushing $500K, right around $491,606. This is an incredible increase and evidence that we are not in a bubble and even more reason why it's still a great time to buy in Denver. 

 

I wish I could take credit for these

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New Denver condos. Meet the Mirador at Tennyson. Since there have been almost no new condos built in Denver the past 7 years, it's nice to finally see some new ones pop up. There aren't any huge projects like the Spire, but there are some smaller ones popping up that offer some really good options. I will keep posting new ones like these as I find them and as always, please let me know if you have questions about these and if you would like to take a look.

The Mirador at Tennyson building was originally built by the Shriners in the 1920's and is being thoughtfully restored to combine high-end, modern conveniences with a touch of historical charm. The Mirador is located across from Willis Case Golf Course in the Regis Berkeley neighborhood, roughly

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Ditch the I-70 Ditch. For those that aren't familiar with this slogan, it refers to Denver's plans to expand I-70 east bound and a grass roots effort to find a better solution than expanding the highway 3 times wider and putting it 40-45 feet below ground level, hence the ditch. There are so many reasons why most Denver residents feel this is a bad idea. Some major concerns are that it will be below the water table in a contaminated ASARCO SuperFund site, it will displace at least 50 families and significantly increase pollution to some of Denver's most depressed neighborhoods and of course cost. The proposed plan will cost Colorado $1.2 billion or $65 million per lane per mile. 

A very dedicated group, Ditch the I-70 Ditch, has fought against this

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When does the light rail line to DIA start running? It's a question I hear all the time from clients looking to move to Denver and from everyone around Denver in general. After years of anticipation, I'm glad to say that on April 22nd, the first light rail train to Denver International Airport, The A Line, will start running. 

There is plenty of info available about the new A Line on the RTD website, click here. I'll point out some of the highlights of the line as well. This is an exciting time for Denver and is going to continue to transform our city and increase property values along the line so if you are looking for a good place to invest, let's talk. 

- 37 Minutes from DIA to Union Station.

- $9 each way.

- Train runs every 15

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What is the cost of waiting to buy a Denver home?

If the projections prove correct, then the cost of waiting is very significant.

The last time I wrote a blog post like this, the projections were actually conservative, as you will see below.

The average price for a single family home in Denver right now is about $415,000. By this summer, it should be closer to $455,000. Let that sink in for a minute, then get in your car and start looking at every home on the market if you are a buyer. Start looking for Denver area homes online.

If you are a seller, and have even remotely thought of selling sometime soon, we should talk.

Here is a similar graph that I had made in 2014. All numbers provided by Denver Real Estate stat expert Megan Aller

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How do I buy a Denver home without selling mine first?

It's a very common question that I get and I certainly don't blame people for asking. With inventory so slim right now, there is always the risk that if you sell your home before finding another, you might not find the right home in time and then have to find a rental to bridge the gap. So in an ideal world, if you can buy your new home, and then sell your current home after you move, why wouldn't you? 

Just like most aspects of buying a home, it all depends on financing and if you can qualify for two mortgages at the same time. To get the best answers, I turned to one of my favorite lenders, Tracey McVicker with SWBC Mortgage.

He offered a number of options to make this work:

1. If

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