Home Mortgage and Finance

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Colorado is officially in the fall season with leaves changing and colder nights so naturally the question of what is going to happen to the Denver Real Estate Market as we head into fall is starting to come up. Since the Denver Real Estate market is often seasonal, I try to do my best to predict what will happen to the market as we head into each season based on my experience, what I hear from other agents and future expert predictions.

The past few years, we have seen an insane spring selling season, a slower summer season in July and August, and another rush in home sales in September through November before winter sets in. That is what we expected this year and so far, we are still waiting for the fall rush to begin. For a number of reasons,

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As the kids head back to school, we tend to see a seasonal slowing of the housing market.

This August was no exception. According to REcolorado’s monthly report on the residential real estate market, signs of the traditional end-of-summer softening were seen in the Denver metro and surrounding area. Prices dipped a bit, the number of sold listings decreased, and homes stayed on the market longer.

August brought continued moderation in sales prices for single family homes. The average sold price for a single family home in August was $363,625, down one percent from last month, but up 11 percent year over year. The average price for a single family detached home was $405,863 in August, while a condo/townhome saw an average sale price of $257,048.

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What is “Title?” What Does It Mean to the Prospective Property Buyer or Seller?

It's not a stupid question at all...because, after all, it might be a bit boring compared to finding a house, negotiating a deal, and working through inspection and appraisal...but title is actually a super important thing to understand when you are purchasing a property.

What is title and why is understanding it important?

“Title” is a term broadly used to describe matters affecting your legal rights to own, possess, use, control or sell your property. Many types of matters can adversely affect your property’s title. It is very important as a buyer for you to identify and understand all title issues affecting your prospective property before you buy and also to

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Early next week, we will bring you our monthly wrap-up of Denver Metro Market Statistics, so watch for those soon...but in the meantime, here is an interesting look from a national perspective.

From Jonathan Smoke, the chief economist of realtor.com, who analyzes real estate data and trends to develop market insights:

"It’s the perennial question, and one that both consumers and the media have asked me incessantly over the past few weeks: When is the best time of year to buy a home?

The question inspired me to look at the seasonal patterns for supply and demand a couple of weeks ago, revealing the upper hand that buyers who are willing to close on a home in off-peak times like the fall and winter might have.

But upon closer inspection I

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Each year, 5280 Magazine recognizes outstanding professionals in our industry.

We are pleased to announce that the following Live Urban agents have been chosen as 2015 recipients of this prestigious award!

Annette Knutson

Jana Miller

Joy Opp

June Schlesinger

Karin Camarena

Kendall Boyd

Lori Lee

Melinda Yeary

Mic Ortega

Paul Kourkoulis

Sue Perrault 

How are Five Star Professionals chosen?

Five Star Professional relied on nominations received by consumers to identify award candidates. Consumers who agreed to participate in the survey provided the name of the real estate agent and rated that individual according to key criteria such as integrity, negotiation and closing preparation. The resulting list of 2015 Five Star Real

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Is Denver Heading for another Bubble?

Those of us who watched our home values plummet in 2008 during the last recession can’t help but wonder.

Megan Aller of Land Title Guarantee Company shared her thoughts on this topic today, and I thought I'd try to provide you with some of the highlights of her discussion. 

Some of the factors that contributed to Denver’s last bubble were questionable lending practices including 100% financing and approved loans based on stated incomes. In addition we had an over supply of homes and over building of homes. It is clear we do not have these factors at play in the Denver Metro area at this time. We are all grateful that lending practices have improved dramatically.

Another major reason for the difference is migration

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Did you recently receive notice of the new tax valuation on your home?

Did your eyebrows pop out of the top of your head because the new valuation on your home was, oh I don’t know, around $100,000 more than in the past? 

 

Well, you are not alone!  We feel your pain, and the good news is that there is a process in place for you to appeal if you feel your home has been wrongly re-valued. (Word to the wise, though...by appealing your tax valuation, you might be opening your property up to an even larger increase in value.)

Step One:  Visit your county’s assessor’s office web site:

Denver: http://www.denvergov.org/assessor/AssessorsOffice/ProtestingYourPropertyValue/tabid/378144/Default.aspx

Jefferson: https://jeffco.us/assessor/appeals/

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The April Market Report for the Denver Metro area shows a welcome increase in inventory as the busy, spring season brought more listings to the market. The number of active listings in April reached 6,149, an increase of 19 percent as compared to last month, but 15 percent lower than April 2014.

Motivated by record-level sales prices, sellers brought a considerable number of new listings to the market.

In April, 7,566 new listings came on the market, a 21 percent increase compared to last month and an eight percent increase over April 2014. Still, inventory levels remain low, growing only slightly to a six week supply.

According to the National Association of REALTORS®, the current supply of homes nationally stands at approximately four and a

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How can I actually get a house in this crazy Denver market?

 

It's the question I get the most often these days with so many homes getting double digit offers and going for way over asking price. My answer? Buy a more expensive home. I know that sounds like a lame answer from a greedy Realtor but it's the truth, let me explain. 

    If we look at average days of market by price range in the Denver metro area courtesy of Megan Aller with Land Title, some unique patterns are revealed. First, the average days on market for all Denver homes is around 24 days. For homes in the 0-199K price range, the average days on market is 20 days. For homes in the $200-399K range, it's 16 days, homes $400-600K it's 48 days, homes $600-800 it goes up to 61…
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This is not exactly breaking news...it's a Seller's Market in the Denver Metro. Properties that are reasonably priced and aren't falling down are likely to get multiple offers. Awesome if you're thinking about selling your house, right?       Your home is definitely a hot commodity . But, as a seller, how do you know which offer is the right offer to take? Not all offers are equal. Here is how Live Urban agents evaluates multiple offers for our sellers. (And, by the way, Live Urban listings tend to sell really fast and benefit from higher than average sales prices.)   On Offer Deadline Day: We go through all of the offers to make sure they are legitimate contenders, all of the paperwork is in order, everything is properly signed, and the…
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