June 30, 2022

When MLS Says AS IS - What Does that Mean?

Over the last couple of years, Denver has seen a frenzied market, with Sellers definitely "driving the bus".    The prices have skyrocketed, and buyers are still trying to secure their Dream Home.

 

Many of my buyers ask when it says AS-IS in the MLS, what does that mean for them?    USUALLY, that means the Seller will do NOTHING when it comes to repairs/replacements.    What you see, is what you get!    BUT, I have had buyers write a very good offer (over list price) and get some things done.    ALWAYS put a termination date for inspection, just in case you find items that need repair/replacement, and the Seller won't do it.   You can terminate if you can't live with this answer.

 

Many times this has everything to do with how the listing agent does business.   Sometimes it is a hard-headed Seller.     If a Buyer writes a good offer over list price and has an appraisal gap included with the offer, there could be a chance if it is important, you may get something fixed by the Seller or at least a credit towards closing costs.    It doesn't hurt to ask - they can't shoot you.   😀

 

 

Posted in Buyer Tips
June 28, 2022

Dear Seller - Did you See How Your Listing Look on MLS?

With home buyers searching the Internet for their home, these listings are plastered all over many websites.      They are searching for certain specific criteria in their Dream Home in the neighborhoods of their choice.

 

If the listing has erroneous information in the listing, or criteria left off that could possibly sell the listing you just lost buyers.    This week I found two condo listings with over 2 acres....thinking that was an oversight.      Taking as many photos as possible to show off the new listing is critical.   In Denver, we can have up to 40 photos, and why not take advantage of this!    Some smaller properties may not have as many photos, so use the neighborhood or community amenities, like the pool and tennis courts.     How many times do we see dark photos of rooms or photos of a dining room table?     The table does not transfer, wouldn't the dining room be a better photo?   There are many photo editing programs to adjust the exposure of these photos.   Vacant homes are tough to photograph, but you can give the buyers an idea of how large the room is - without a photo of the corner!  My favorites are the ones with NO PHOTO.   The sellers are missing out on the best buyer by not having photos!

 

 

 

 

 

 

The remarks for this new listing must have a good description of the home, walking the buyer through it visually and misspellings need to be corrected!    You only have one chance to grab that buyer so they want to view the home!   

 

Sellers - review your own listing to be sure the pertinent information is in the listing, and the photos properly represent your home.   If not, make a call!

 

Posted in Seller Tips
June 26, 2022

What's with all the Price Reductions?

If you are in the market and actively watching the new listings coming on the market, you have seen all the price reductions that follow.

 

Watching the market daily and recording the new listings, pending listings, price reductions, home returning to market and total active listings, you see what is truly happening in the market.    We saw the "shift" in April after the interest rate increased end of March.    At the end of March, we had around 2,000 listings, and within a month, it jumped to 3,000.   Mid-May we saw 4,000 listings and mid-June was 5,500.   Then, within a week or two, we have jumped to 6,300 listings.

 

The price reductions have been hovering around 30% of the total amount of listings.    I do believe Sellers are still of the opinion, our market is still crazy with multiple offers, and offers WAY over list price.    We are seeing that list price to sale price decrease.   Of course, this varies in each area across the Denver metro area.

 

I do believe if you list at the fair market value, homeowners will see the best results.    More than likely you will see showings and offers within the first weekend, or at least the 2nd weekend, and possibly over list.   Factors that will increase the contract prices - ready to move in condition, great location and good layout.

 

In each neighborhood this could vary, depending on the availability of listings, and the desirability of the neighborhood.

 

Listing too high in today's market is not a good idea, you will be chasing the market down, and possibly seeing offers below what you would have, had you listed at a fair market value.   Fair market value is determined by the SOLD homes in your neighborhood - NOT 3rd party sites.

 

June 23, 2022

Open House - 18326 E. Saskatoon Pl, Parker CO - Sat. 6/25 2-4 pm

Open House - Saturday June 25, 2022     2 pm to 4 pm

18326 E. Saskatoon Place, Parker CO  80134

Anthology

 

Looking for a paired patio home with a yard?    Need a lock & leave property?   This could be the right property for YOU!    Come drop by the open house and check it out - ready to move in!   Backs to open space, large covered patio, 4 beds, 4 baths, two-story living room and more!

 

 

 

Posted in Open Houses
June 22, 2022

There's No Slowing in the Luxury Market in Denver - May 2022

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 for over $1.3 million.  (Over the years I have used $1 million as luxury, but with our rising home values, had the need to increase this amount.)  Some have mountain and/or city views, and some properties 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 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.   

  

Here is how the luxury market fared for the month of May 2022 -

Total sales - 359 homes ranging from $1,300,000 to $13,000,000 (last month was 365 homes, 2021 was 428)   

Average Days on Market - 13 days (last month was 18 days last month and 2021 was 18 days)

Sellers saw - 104.63% to list price

Average price per SF (Total) - $390.06 (last month was $380.90)

These homes were built from 1888 to 2022

 

The highest-priced home sold was $13,000,000 in the Denver Metro and is in the neighborhood of Cherry Hills Village.  This home was built in 2012, on 2.5 acres.  It has 4 bedrooms, 7 bathrooms, and a 6-car garage.  This home has 10,070 square feet and was sold off-market and never went on the market.     

 

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?  

Short Sale homes for sale

Contact me for bank-owned properties for sale

 

Summer is here in full force, and many are looking to spend time outdoors with family and friends.   Need a better outdoor space?  Maybe with a view?

 

There are 545  homes for sale in the Denver metro area listed over $1,300,000 up to $24,700,000.   They have been on the market for an average of 47 days and these homes were built from 1886 to 2023.   This amount has increased substantially from last month (416).  There are no bank-owned properties currently on the market, nor any short sales active.

 

There are 396 homes currently pending over $1,300,000 up to $6,995,000 with an average of 50 days on market.    These homes were built from 1859 to 2023.    (This amount has decreased slightly from 405 last month.)   

 

Here is how 2020 compared to 2021

Total Sales             2020 - 2,739                  2021 - 4,487

Days on Market      2020 - 53 days              2021 - 27 days

Average Price Sold   2020 - $1,302,500       2021 - 1,350,000

% Seller Saw to List    2020 - 97.06%             2021 - 100%

 

With home values on the rise, we are seeing more sales over $1 million.    I did bump the price point to $1.3 million for 2022.    It isn't unusual to see a million-dollar home.   With such low inventory even in the luxury sector, homes were not on the market long.

 

I have obtained my luxury marketing certification which 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.   

 

 

June 19, 2022

Happy Father's Day 2022

Today is the day we celebrate all our Fathers and all they do for the family! 

 

So do something for and with your Dad today, something you all like to do together.  Make more memories, as some day you won't be able to.

 

My Dad is in heaven, but enjoyed the time with him while he was with us.

 

Happy Father's Day!

June 17, 2022

New Listing - Paired Patio Home in Anthology - Parker CO 80134

 

There are not many of these paired homes (26 total) in Anthology, so you don't see many come on the market often.   This two-story home is ready-to-move-in condition and shows beautifully.

18326 E. Saskatoon Place

Parker CO  80134

Priced at $695,000

This Anthology beauty has 4 bedrooms and 3.5 bathrooms and a total of 2,477 square feet including the basement (95% finished).    This patio home has the largest lots in the area, with 5,227 square feet and backs to open space.     The open floor plan is perfect for entertaining as the living room, dining room and kitchen are all open.    The island is perfect for prep space, along with a pantry for additional storage.   Off the kitchen, you will find a small office space for homework or paperwork.   The two-story living room has 19' ceilings and provides so much natural light!

The upper floor has the spacious primary bedroom with a five-piece ensuite and walk-in closet.   There are two secondary rooms, both with walk-in closets and a full bath with two vanities along with the laundry closet.

The basement is garden level, allowing light into the family room and 4th bedroom.   There is additional storage under the stairs.   

The large trex deck is covered and overlooks a great backyard along with an open space.  A wonderful space to end your day and relax!

 

 

The HOA amenities include a community pool, clubhouse, playground, and many trails in the area.   There is snow removal, trash/recycling, grounds maintenance, and exterior building maintenance without roof.

The home has been radon mitigated, and these are newer -  water heater, microwave, deck paint, exterior paint and a new furnace, roof, main breaker panel, and a whole house surge protection system.

 

 

 

You don't want to miss this new listing - call today for your private showing!

Joan Cox - House to Home, Inc.   720-231-6373

 

June 13, 2022

Can we Make a Contingent Offer?

No arguments, the market is shifting, and it feels like a driver lightly tapping the brakes on a car!    We are seeing more inventory (actually more than we have in the last 1.5 years) and more price reductions in the last few weeks.   Ever since the interest rates increased end of March, we have seen a bit of a shift.

 

Homes are not selling in the same time frame they were, you can actually take a breath before they go pending now.   Sometimes they are even on the market for longer than a weekend!   We are seeing around 30% price reductions in the last couple of weeks.    If a home is very desirable, ready to move in, great location, or just priced right - you could very well see multiple offers.

 

It is better to list a home at Fair Market value, than "chase the market" back down when you have no showings, and worse - no offers!   

 

The answer to the question is, it depends!    If your home is not on the market, but is ready to list quickly, and there are no offers in on a home, the Seller may accept, but still a gamble for the Seller.   No one knows when you can close.     The best scenario is to list a home, and then write on a property, but if there are other offers that are non-contingent, this may still not be accepted.

 

Depending on your individual situation, there are other options.    Can you apply for a HELOC loan on your current home, for the downpayment for the new home?   Can you qualify for both homes for a couple months?   there are 80-10-10 loans for this purpose also.     I have a few lenders that can discuss these programs in detail better than I can.   (not a lender)

 

Maybe this Fall a contingent offer may look better to a Seller, it will depend on how the market goes from here!

 

 

June 11, 2022

What is Important When Choosing a Neighborhood?

 

Buyers looking for a new home are looking for a safe environment.   Buyers are encouraged to consider these items to assist them in making a good decision.

Safety

As REALTORS, we are not allowed to discuss this topic, but there are many sights online with crime stats, as well as calling the local police to understand what has happened around the home they are considering.    Buyers can also check these sights for pedophiles (Megan's Law) in the area.

Amenities

What are you looking for in a neighborhood as far as amenities?   Would you like a pool, tennis court, playgrounds, common area, etc.?    These items are searchable fields and can locate neighborhoods with these features.    It is good to drive by these amenities and check the condition and ensure they are being maintained.

Location 

Do you prefer to have a short commute to work, or do you work from home now?   How about how far away are the grocery stores, retail shops or dining options?   How about the amount of traffic, or living near a busy street.

The Neighborhood Itself

If you are considering one or two neighborhoods, it is wise to drive through the neighborhood at night to see if it is quiet at night, or if are there partiers living close?  This will give you a good feel for what it may be like when you are home relaxing in the evenings.   How many cars park on the street?   Are there barking dogs?   These items are important to consider, as you cannot change your neighbors.   If you drive through on a Saturday morning and see neighbors out working in their yards, or people walking their dogs and taking kids for a walk, gives you a feeling they are comfortable.

The Yards

Check out the neighbors and see how they are keeping their yards.    Are there well-manicured lawns?    Or are they in disarray?    Covenant communities send letters and assess fines when lawns are not kept up.    

Schools

Even if children are not in your future or are not planning for some time, the schools that the neighborhood is worth considering, as they usually impact home values.   Take a look at the school district's website, chat with friends in the area, and research to see if the schools have a good reputation.

 

These are a few items to consider when looking into different neighborhoods, and with slim inventory, there may not be any homes available in the specific neighborhood you prefer.    A home is an investment, and you will want to do your due diligence in making sure you will be comfortable there.     For more information, give me a call -  Joan Cox - 720-231-6373

 

 

 

Posted in Buyer Tips
June 10, 2022

The Colorado Freedom Memorial - Aurora CO 80011

The Colorado Freedom Memorial is the FIRST memorial in America dedicated to ALL wars, ALL branches of service, and contains the names of all those who died or were missing in action.   The names are grouped by war, but not alphabetically.     It is located in Aurora CO near Buckley Air Force Base.   The glass panels are angled so they can reflect Colorado's mountains and blue skies.

 

You can't see them, but the names are etched into the glass.   

 

The memorial is constructed of glass with a granite base that is 95 feet wide and 12 feet tall.    When writing this, there are approximately 6,000 names on the Memorial.

 

 

 

First, we honored Colorado’s fallen heroes, the sons, and daughters of the Rockies who answered their nation's call to defend freedom, paying with their lives. Now, to complete the Colorado Freedom Memorial Circle of Honor we have placed this beautiful tribute on our grounds to salute the families they left behind.

 

Working closely with the Woody Williams Foundation, creators of the Gold Star Families Memorial Monument, The Colorado Freedom Memorial is honored to be the first location for the GSFMM in our state.  Alongside the CFM, with names of our fallen heroes and Home’s Embrace, containing soil from gravesites of those that lie overseas, The Colorado Gold Star Families Memorial lets us show our deep gratitude with tributes to those fallen, the places they lie in peace, and the families that still bear the pain of sacrifice.

 

 

 

 

 

These heroes left the mountains of home to fight in places they’d never heard of, answering their nation’s call to duty. Over half of the men and women honored on the Memorial never returned home, their remains lost at sea, never recovered behind enemy lines, or buried in faraway places. For families that never had a cemetery to visit, the Colorado Freedom Memorial becomes a place of grief and of healing.

In the 5 years since this monument was dedicated, thousands have come to visit, to shed tears, to reminisce, to pay tribute, to just sit and remember. Ceremonies have been held here, motorcycle rides have stopped here, Memorial services have been held here and respect has been paid here. The Colorado Freedom Memorial touches each visitor in a special way.

 


They even save a special parking space for the Wounded Warriors.

 


There is a Colorado and an American flag and a flag for every branch of service.

 

And before I left, the wind picked up, and got a good photo of Ole Glory.

 

Take some time to visit this memorial.   

756 Telluride St., Aurora CO  80011