Sept. 22, 2020

Denver Real Estate Market Update for August 2020

 

The Denver real estate market usually starts with a flurry either January or February, and this year again we were faced with razor-thin inventory.  Buyers were in multiple offer situations UNTIL COVID reared its ugly head in our State in March.  We were seeing new listings come on, then the Attorney General said we no longer were able to show homes.  In May sales were again in full force, and we saw more homes going pending (by far) than new listings coming on the market.  Usually by August parents are preparing their children to return to school, and sales slow down, but it barely did so this year.  The interest rate is unbeatable right now.

 

For the month of August, the days in MLS decreased to only 23 days.  The sales increased 11.6% over last year's sales, and decreased a bit over last month's sales.   The number of homes that went pending increased substantially from last month.

The following data is courtesy of Joan Cox - House to Home, Inc.

 

Denver saw an increase in new listings, and we have .7% more new listings than we did this time in 2019.   The pending listings saw an increase (24.4%) over the same month 2019, and an increase from July 2020.  Sold properties saw a huge increase from last year.   With 23 days in MLS, this still indicates we are experiencing a Seller's market.  (August 2019 we saw 31 days in MLS)   Sellers should remember to list a home properly, as those over-priced homes will sit on the market.  (this includes land, attached properties, single family homes and up to the mega million dollar homes)  

 

See what homes are currently available - Active Homes for sale in Denver

 

Stats for the Month of August 2020

New Listings - 6,792 -down from 7,625 last month  (in 2019 it was 9,657) 

Pending Listings - 8,154 -up from 8,015 last month (in 2019 it was 6,745)

Closed Listings - 6,381 - down from 7,184 last month (in 2019 it was 5,720)

Days in MLS - 23 days - decreased from 25 days last month (in 2019 it was 31 days)

Average Sold Price - $539,415 - up from $539,068 last month (in 2019 it was $485,681)

Percent of Sold Price to List Price - 100.1%, up from 100%  last month

 

Buyers - If you have thought about buying a home this year - NOW IS THE TIME!   The interest rate is unbelievable - below 3%.  You can buy more home than you could just six months ago.

 

Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while, as you now have competition.  If you don't have showings, you won't see an offer!   If you are thinking of selling, but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home.   I may recommend unless you HAVE to sell right now, it may be easier once showings are allowed.

 

 

Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away.  Relocating to Denver, and need some advice - see my Relocating to Denver information.

 

 

Sept. 19, 2020

Fall Could be the Best Time to Buy a Home in Denver

 

Did you know the interest rate is below 3%?    That is unbelievable, and enables Buyers to buy more home right now than you could 6 months ago!    You could find that dream home, and have the Holiday gatherings at your home!

 

We are seeing more listings come on now than we have this whole year!   Usually we see around 1,200 listings come on each week, but in the last week, there have been almost 1,700 come on the market.   Now could be the time to check out the new listings.   

Looking for a brand new home in the Denver metro area?

 

Looking for a home on acreage and get out of the City?

 

Looking for your first home - could it be a townhome or a condo?

 

Looking for land to build your dream home?

 

Homeowners have seen an 11% increase in home value from this time last year.    If you are up-sizing, down-sizing, right-sizing, a first home, your last home, a home with views, a home on acreage, on a golf course or an active adult community, you could be surprised at what your dollars will buy right now!    Your Dream Home awaits YOU!

 

Give me a call, and I will guide you through a stress-free transaction.   Start your search today, and be in your new home by the Holidays! 

 

Sept. 5, 2020

You Can now Purchase More with the Interest Rates SO Low

If you have thought about getting out of the City, the hubbub of traffic, and have a desire for some land, now maybe just the right time to that!   Your money will buy more right now, with interest rates SO low.    I had a buyer lock in at 2.625% - unheard of!    I remember those days I had a 17% loan!

 

I am NOT a lender, so you would need to speak with a loan officer to find out what you would qualify for.  Rates do depend on your FICO score.  The better the score, the best rate you will quality for!

 

Do you need to sell before you buy?   NO PROBLEM, we have razor-thin inventory, and could use more listings!   I can insert in the remarks section that there will be a Seller contingent on the purchase so you won't be left without a home!  

 

Many are thinking of some space - maybe only one acre, maybe 25 acres.....   Check these out -

One+ acres for sale with home in Arapahoe County

                in Douglas County

                in Adams County

                in Elbert County

                in Weld County

Not all acreage allows for horses, so need to look at each individual property, but some have outbuildings for horses and/or workshops.   Even some have mother in-law quarters.    Are you thinking of a multi-generational property?    We are seeing more of these now.

 

If you want to narrow your search to certain towns, just change the parameters to your desired criteria and see what is available.   If you are wondering what your current home is worth - call/email me and I can do a Market Analysis for you, and give you a net sheet so you will know if this dream can be achieved!

 

 

Sept. 1, 2020

Denver Real Estate Market Update - July 2020

The Denver real estate market usually starts with a flurry either January or February, and this year again we were faced with razor-thin inventory.  Buyers were in multiple offer situations UNTIL COVID reared its ugly head in our State in March.  We were seeing new listings come on, then the Attorney General said we no longer were able to show homes.  In May sales were again in full force, and we saw more homes going pending (by far) than new listings coming on the market.

For the month of April, most of the Denver metro area was not allowing "in-person" showings, which led to many withdrawn listings, and hundreds less listings each week.  Beginning 5/8, all counties in the Denver metro area once again were able to show, and listings hit the market daily.  

 

For the month of July, the days in MLS remained the same at 25 days.  The sales decreased 36.7% over last year's sales, and increased substantially over last month's sales.   The number of homes that went pending decreased from last month.

The following data is courtesy of Joan Cox - House to Home, Inc.

 

Denver saw an increase in new listings, and we have 14.8% more new listings than we did this time in 2019.   The pending listings saw an increase (19.6%) over the same month 2019, and a decrease from June 2020.  Sold properties saw a huge increase from last year.   With 25 days in MLS, this still indicates we are experiencing a Seller's market.  (July 2019 we saw 26 days in MLS)   Sellers should remember to list a home properly, as those over-priced homes will sit on the market.  (this includes land, attached properties, single family homes and up to the mega million dollar homes)  

 

See what homes are currently available - Active Homes for sale in Denver

 

Stats for the Month of July 2020

New Listings - 7,625 - up from 7,371 last month  (in 2019 it was 6,641) 

Pending Listings - 8,015 - down from 8,592 last month (in 2019 it was 6,703)

Closed Listings - 7,184 - down from 5,991 last month (in 2019 it was 5,925)

Days in MLS - 25 days - remained the same at 25 days last month (in 2019 it was 26 days)

Average Sold Price - $509,029 - up from $502,207 last month (in 2019 it was $495,022)

Percent of Sold Price to List Price - 100%, same from 99.7%  last month

 

Buyers - Usually the spring buying season starts mid-January or early February and did not disappoint, and started with a fury.   Razor-thin inventory had buyers again making crazy offers, and most saw multiple offers.  Once we saw the virus in Denver, the ability to show a home "-in-person" was stopped for a few weeks.  The new "normal",  you will see gloves, booties & sanitizer in listings, don't touch the light switches or doors.   Up until school resumed, sales were still going very strong, and now has shown a slight slowdown, but with the super low interest rates, we are seeing many buyers still out and buying!

 

Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while, as you now have competition.  If you don't have showings, you won't see an offer!   If you are thinking of selling, but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home.   I may recommend unless you HAVE to sell right now, it may be easier once showings are allowed.

 

 

Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away.  Relocating to Denver, and need some advice - see my Relocating to Denver information.

 

 

Aug. 27, 2020

Denver Luxury Housing Market - Update for July 2020

 

A Luxury Home can be identified differently in cities across the country, but in Denver, my Luxury blog posts will report on detached single-family homes listed in the Denver metro area over $1 million.   Some have mountain  and/or city views, some back to a golf course or have water views all to compliment one's lifestyle.  (however, we don't have much water)  Some are updated with products from around the world, and some have expansive square footage or on acreage.     Whatever a Buyer is looking for, most likely if you have over $1 million, you can find it in Denver or in the surrounding suburbs.   

 

Since March when COVID hit the Denver area, we saw sales in every price range drop.   June 2020 saw a significant increase, but July we saw activity exceed the normal.

 

Here is how the luxury market fared for the month of July 2020

Total sales - 335 homes ranging from $1,000,000 to $5,985,000 (last month was 225 homes, JULY 2019 was 184)

Average Days on Market - 47 days (increased from 43 days last month and JULY 2019 was 57 days)

Average price per SF (Total) - $278.53 (last month was $278.48)

These homes were built from 1890 to 2020

 

The highest-priced home sold was $5,985,000 in the Denver Metro and is in Cherry Hills Village.   This expansive home was built in 2014, on 2.25 acres with a 3-car garage.   This home has 5 bedrooms, 9 bathrooms, and 9,720 total finished square feet.  This home was on the market for only 0 days. 

 

There were no short sales sold, and no bank foreclosures sold this month.

 

I was predicting an interesting year of sales with the election in November, but had no idea we would be facing this pandemic and affecting not only our real estate sales, but our entire economy.   Sales were very strong prior to COVID and definitely saw an early spring buying season.   For 8 weeks, there were no in-person showings, so after 5/8, this made all the difference.    Not many buyers wanted to buy a home sight unseen.   The stock market bouncing around a bit, leaving some buyers still on the fence for a purchase.

  

Looking for a home on acreage and private?    With mountain views?    Or would you like to see what homes are for sale over $1,000,000?   There are currently no bank-owned properties for sale and there are no short sales listed.

Short Sale homes for sale

Contact me for bank-owned properties for sale

 


 

 

Today, you will find 708 homes for sale in the Denver metro area listed over $1,000,000 up to $37,000,000.   They have been on the market for an average of 104 days and these homes were built from 1885 to 2021.   This amount has decreased from last month.

 

This listing listed for $37,000,000 is off I-70 after climbing into the mountains on 157 acres.  This home was built in 1999 and called Bear Mountain Ranch.   This home features 9 bedrooms, 10 bathrooms with a total finished 17,017 square feet and a 7-car garage.   It also has two barns, an arena, workshop and caretaker quarters.

 

There are 476 homes currently under contract over $1,000,000 up to $4,999,995 with an average 79 days on market.    These homes were built from 1890 to 2021.    (This amount increased from 439 last month.)

 

Here is how 2018 compared to 2019

Total Sales     2018 - 1,625        2019 - 1,810

Days on Market      2018 - 86 days     2019 - 61 days

Average Price Sold     2018 - $1,295,000      2019 - 1,300,000

% Seller Saw to List        2018 - 97.72%     2019 - 97.65%

 

With the equity increases we have seen over the last several years, it is not unusual to see homes priced over $1,000,000 now all over the City.  In October 2015 there were only 30 homes sold in Denver proper, this month there were 75 homes sold.

 

I have obtained my luxury marketing certification and has given me a multitude of new ideas.    If you have seen a home in this post this intrigues you, give me a call - 720-231-6373.   

 

 

Aug. 27, 2020

What Happens with my Earnest Money Check?

What Happens with my Earnest Money Check?

 

Earnest Money Check 

 If my earnest money is to be used for the final amount at closing, why do they cash my check?    This is a common question, but your earnest money is a promise to pay and good faith to continue with this transaction.     If you had nothing on the table to lose, buyers may walk away from a transaction quicker.      If a transaction is to close in a short period of time, good funds (wire or cashier's check) will be needed, rather than waiting for a personal check to clear the bank.    

 

I always remind my buyers the check WILL BE CASHED, and to be sure the funds are available in the account before delivering the earnest money check.     If this check bounces, it is a sure sign the transaction will not go to closing!

 

This good faith money will be reduced from the total amount you will need at closing.      Typically it is held at the Title Company on behalf of the buyer.     If there are bumps in the road, and the buyer opts to terminate, two forms Notice to Terminate and Earnest Money Release will need to be signed by both buyer and seller for the earnest money to be returned to buyer.

 

As a Denver REALTOR® I can guide you through the Denver home buying process with ease.    Give me a call and we can get started with the Denver home purchase!

 

 

Aug. 24, 2020

SOLD - Sorrel Ranch in Aurora CO 80016

It is always nice to hear from past clients stating they are getting relocated, and want me to list their home.   It is also sad to see good friends leave the state!

It took about a week to get the yard in shape and pack up the items that were not needed in order to get professional photos done.   Within two weeks, it hit the market and within 12 hours, had 18 showings!    The 3rd showing sent over an offer - full price and non-contingent.  LOVE IT!

This home was built in 2011 by Meritage and they build "energy efficient" homes, so was attractive to these Sellers when they bought.   The Sellers are very tech-savvy, and added many cool features plus a massive patio cover on the back patio.

The buyers were difficult all along the way, but finally made it to closing.      The final price was the highest (by $40K) resale home sold in Sorrel Ranch, and a testament, to the Seller's pride of ownership and tasteful upgrades they did since they have owned the property.

Congratulations to my Sellers, and wish them HUGE happiness in their next chapter!

 

Sorrel Ranch is located North of Southlands Mall off Aurora Parkway.   There are Meritage and Lennar built homes, and now you can find brand new Richmond Homes.

Homes for sale in Sorrel Ranch Aurora CO

 

 

 

Aug. 20, 2020

Things to Know When Coming to Denver

 

I love assisting relocation buyers, and before they make the trip into Denver, I ALWAYS give them the advice to drink LOTS of water prior to their trip.  Denver's elevation is 5,280 feet!   Drink at least 32 ounces for a couple of days prior, and don't stop when you get here!     I have lived here almost my whole life, and one time went skiing first time to Vail, and got to the top of the mountain, and had to be taken down on a Toboggan.    I was dizzy, throwing up and felt AWFUL.   Must not have had enough water the day before.    Altitude sickness is real and comes on quickly.

 


 

 

Posted in Buyer Tips, Relocation
Aug. 3, 2020

Summertime Checklist for Home Maintenance

 

When you are a homeowner, there are items you need to keep up with so the repairs don't cost you a fortune. There are items each season to do, and the following are the summertime maintenance items.

Depending on what part of the country you live, these home maintenance items will differ. Here is what homeowners around the Denver metro area should work on -

1. You should have already inspected your furnace and air conditioner condenser and cleaned them. This does help the system work more efficiently, therefore saving some utility dollars.

2. Clean your grill. With warm weather, many are grilling their dinners, and you want to have a clean environment for this. If you have a pressure washer, this way is best, but you and wipe and and scrub by hand also. Replace the pan for the dripping grease before it overflows.

3. Check your deck. Our constant sun, and snow tends to be harsh on wooden deck and surfaces. Do they need stain/paint, replacement of some boards? Is it all stable? I would recommend calling a professional to do this. You can be sure all fasteners are tight.

4. Pest Control. Bugs are running around everywhere, and are they getting into your home? There are pest control products you can purchase, but the pest control companies have product that will last 2-3 months even with wet weather. Seal up cracks, place glue trap boards where pests may be getting in, and spray pest deterrent.

5. Dust those areas you don't normally see. Have you looked at the top of your ceiling fan, or how about the vents near the ceiling? We tend not to notice these area, and are frequently neglected. Dust that builds up is bad for air quality. Take a peek at the cabinet tops too, while you have the ladder out.

6. Cleaning mattresses, pillows and rugs. When was the last time you cleaned your mattress and pillows? Sunlight kills dust mites, so pillows, rugs and mattresses can all be brought outside and placed in direct sunlight. Be mindful of the weather and pollen in the air. There are pillows you can machine-wash.

7. Trim hedges and get lawn into shape. Trim hedges, prune shrubs and flowers, this keeps them from growing out of control. They will grow thicker, rather than tall/thin ones and produce more flowers and fruit. Herbs growing in gardens repel pests.

Hope this helps!

 

Posted in Homeownership Tips
Aug. 3, 2020

Denver Real Estate Market - Market Update June 2020

The Denver real estate market usually starts with a flurry either January or February, and this year again we have been faced with razor-thin inventory.  Buyers were in multiple offer situations UNTIL COVID reared its ugly head in our State in March.  We were seeing new listings come on, then the Attorney General said we no longer were able to show homes. 

For the month of April, most of the Denver metro area was not allowing "in-person" showings, which led to many withdrawn listings, and hundreds less listings each week.  Beginning 5/8, all counties in the Denver metro area once again were able to show, and listings hit the market daily.  

 

For the month of jUNE, the days in MLS increased slightly from 23 to 25 days.    The sales increased 2.9% over last year's sales, and substantially increased over last month's sales.   The number of homes that went pending increased dramatically from last month.  Usually it starts to slow down early July, but with the 8 weeks of no showings, our very fast-paced market is still holding strong.

The following data is courtesy of Joan Cox - House to Home, Inc.

 

Denver saw a decrease in active listings, and we have 2.8% less new listings than we did this time in 2019.   The pending listings saw an increase (21.7%) over the same month 2019, and a sizable increase from May 2020.  Sold properties saw an increase from last year.   With 25 days in MLS, this still indicates we are experiencing a Seller's market.  (June 2019 we saw 24 days in MLS)   Sellers should remember to list a home properly, as those over-priced homes will sit on the market.  (this includes land, attached properties, single family homes and up to the mega million dollar homes)  

 

See what homes are currently available - Active Homes for sale in Denver

 

Stats for the Month of June 2020

New Listings - 7,371 - up from 7,317 last month  (in 2019 it was 7,581) 

Pending Listings - 8,592 - up from 7,566 last month (in 2019 it was 7,059)

Closed Listings - 5,991 - up from 3,438 last month (in 2019 it was 5,991)

Days in MLS - 25 days - up from 23 days last month (in 2019 it was 24 days)

Average Sold Price - $509,029 - up from $495,491 last month (in 2019 it was $499,421)

Percent of Sold Price to List Price - 99.7%, up from 99.4%  last month

 

Buyers - Usually the spring buying season starts mid-January or early February and did not disappoint, and started with a fury.   Razor-thin inventory had buyers again making crazy offers, and most saw multiple offers.  Once we saw the virus in Denver, the ability to show a home "in-person" was stopped for a few weeks.  The new "normal",  you will see gloves, booties & sanitizer in listings, don't touch the light switches or doors.   We are seeing many multiple offers, especially with homes priced below $500,000.

 

Sellers - Pricing your home is very important, and not start too high, or you will be sitting on the listing for a while, as you now have competition.  If you don't have showings, you won't see an offer!   If you are thinking of selling, but worried you won’t find a replacement home, I can enter into MLS the fact you require a contingency of a replacement home.   I may recommend unless you HAVE to sell right now, it may be easier once showings are allowed.

 

 

Homeowners - if you have thought about selling and like like a home evaluation, please let me know, I will contact you right away.  Relocating to Denver, and need some advice - see my Relocating to Denver information.