April 14, 2022

Denver Metro Sales for March 2022

The stats are out for the month of March, and all the numbers revolve around the inventory number once again this month!   As of today (mid-April), we are still experiencing low inventory (hovering around 2,400 on weekends), down 34.47% over one year ago.  Last month was 63.7%, so we are seeing an increase in listings.   We are seeing fewer showings on listings, and fewer multiple offers now that rates have climbed.    I am sure this has pushed a few buyers out of the market.

 

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

 

Lately, we are seeing most homeowners pricing their homes a bit closer to fair market value (some exceptions), and yet seeing increased price reductions (about 300 in a 7-day period).  The rate increase has slowed the market down a bit in the metro area.   This is good news for buyers!

 

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

 

Buyers - If you have thought about buying a home this year, rates have increased, but the good news, there are fewer multiple offers on properties.    Be sure to be pre-approved and know what your budget is!  Be prepared, many homeowners are asking for a 60-day rent-back to find a replacement home.   Even though the inventory has increased, it is still at a very low level, you may need to be more flexible in the features you want.   Select the home with the items that cannot be changed (location, layout, school district).   We are also seeing a high number of homes returning to the market, so it would be a good idea to write a back-up offer if you did not "win the bid", as you may get a second chance.

 

Sellers - My sellers are seeing a nice bottom line!    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 or ask for a 60-day rent-back to enable you to locate the replacement home.    

 

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.

 

 

April 6, 2022

Colorado Rockies Opening Day Friday 4/8/22

 

You know spring is here when the Colorado Rockies begin their season!  (and it didn't almost get there!)   The Colorado Rockies Opening Day is this Friday, and time to get ready for a summer of baseball games.

 

Opening Day at Coors Field is April 8th, 2022

Game begins at 2:10

20th & Blake - Downtown Denver

The Rockies take on the Dodgers

 

 

You can view the Rockies schedule HERE, and plan to attend a home game this year.   It does look like there are a few tickets available on the website, but expect it to be sold out quickly, as weather on Friday is expected to be very nice.  

 

 Tours of Coors Field are available Monday through Saturday during the season and then Monday, Wednesday, Friday and Saturday during the off season and provide a behind-the-scenes look at one of the premier ballparks in Major League Baseball.    

 

The tour begins at Gate D and lasts from 70-80 minutes and covers a distance of about one mile.  The tour is accessible to guests with disabilities.

 

 

 

If you love baseball and want to walk to the games, and have thought about purchasing a Denver loft or condo, give me a call.    Here is a list of condos/lofts available in downtown Denver.


This is a localism post by Joan Cox - House to Home, Inc.

April 4, 2022

Listing Photos Should Showcase Your Home

You have decided to list your home!    Congratulations!   You have a REALTOR, and have done the paperwork required for the State to put it on the market.   Have you had your professional photos done?   Did your REALTOR walk your home and give you suggestions on how to stage your home so the photos turn out STUNNING?

 

The photos done of your home, will SELL YOUR HOUSE!   They have to be top of the line crisp and clear for buyers to want to set showings to see your home!    There was a time, it was said to eliminate everything for the home to look good in photos, but you do want a bit of decor, not all shelving and counters to be completely clear.    You want the home to be inviting.

 

The toilet seat MUST be down, all trash cans put away, no mats on the floors, and I would have asked for the stuff around the window and mirror be removed, it is distracting.   You want them to see there are newer windows and the sink and mirror are newer.

 

If there are items you want to keep - like custom mirrors, or the dining room chandelier your parents gave you for your wedding, take it down and replace prior to the photos being taken.   It is better than the buyers seeing the chandelier and WANTING it badly.

 

Some agents don't hire a professional to take the photos, and they are dark - like this bathroom photo.    They also have wide angle lenses and can capture an entire room, not 3 or 4' of it.    Cell phones take pretty good photos, but not for real estate!   

 

I have a professional photographer that does a great job with years of experience.    If you have thought of selling in the near future, give me a call and we can discuss your thoughts!

 

 

Posted in Seller Tips
March 29, 2022

Luxury Home Sellers saw 102.02% to List Price for February 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, 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 February 2022 -

Total sales - 162 homes ranging from $1,300,000 to $5,500,000 (last month was 92 homes, 2021 was 207)   

Average Days on Market - 23 days (last month was 29 days last month and 2021 was 54 days)

Sellers saw - 102.02% to list price

Average price per SF (Total) - $355.21 (last month was $358.59)

These homes were built from 1884 to 2022

 

The highest-priced home sold was $5,500,000 in the Denver Metro and is in the neighborhood of Belcaro in Denver.  This home was built in 2007, on .53 acres.  It has 4 bedrooms, 8 bathrooms, and a 2-car garage.  This home has 8,598 square feet and was on the market for 92 days.     

 

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

 

Mother Nature has been teasing us now with some beautiful days, and many are looking to spend time outdoors with family and friends.   Need a better outdoor space?  Maybe with a view?

 

There are 245  homes for sale in the Denver metro area listed over $1,300,000 up to $25,700,000.   They have been on the market for an average of 71 days and these homes were built from 1888 to 2023.   This amount has increased minimally from last month.  There are no bank-owned properties currently on the market, nor any short sales active.

 

There are 366 homes currently pending over $1,300,000 up to $9,750,000 with an average of 65 days on market.    These homes were built from 1887 to 2023.    (This amount has decreased from 487 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.    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.   

 

 

March 27, 2022

What is Included and What is Excluded

It is a great day when you get a call from a homeowner wishing to put their home on the market.    You set a date and time for the listing appointment, and start doing the research it takes to provide a comprehensive CMA and to correctly price a home for the current market.

 

 

Once in the home, I like to do the walk-through, noting all the upgrades and amenities throughout the home.   This is also the time I make notes for the Seller if there is a need for repairs to be made.     During this walk, I check for items that could potentially be an issue for FHA or VA appraisals.    During this walk is when I ask if the attached fixtures will remain in the home or be excluded.

 

How many times have you walked a home, buyer loved it, wrote on the property, and at the walk-through found the curtains (and rods), shelving, or something else that should have remained in the property removed?  There are times you will fine decorative curtains in the master that go with their bedding.

 

One Seller had a pot rack that was affixed to wall (not hanging from the ceiling), and had to ask if they were taking it or was excluded.   She looked horrified that I would ask - it had been a wedding gift.    In Colorado - if it takes a tool to remove it --- it is a fixture and should remain with the property unless you specifically EXCLUDE it.   This includes the brackets for mounted TVs and surround sound speakers.  Today other hot topics are the custom mirrors and even the specialty chandeliers.   Be sure the Sellers know that these are included unless they specify they are EXCLUDED.  Many times if you are going to exclude a mirror or chandelier, I would replace it before photos are done, and a buyer SEES them!   Is there a second kitchen in the basement, need to be sure to include two of all the appliances also! 

 

Be sure you know what you want to include and exclude and it is in the MLS properly, or you could be surprised at closing! 

 

Posted in Buyer Tips
March 24, 2022

Homes for Sale in Cherry Creek Schools - Colorado

Are you currently looking for a home and prefer to have it located within the Cherry Creek School District?  This is a highly acclaimed district, and many families choose this area due to the school ratings.  This morning, there are 42 properties available in zip 80015.  There are 57 properties available in 80016. 

I did not refine these searches down to only single-family, but includes condos and townhomes too, every price point.

There are only 11 properties available this morning in 80014.     Here are all the homes available in Cherry Creek Schools - a total of 158 properties in all zip codes that feed into Cherry Creek Schools.

 

Interest rates are climbing, so don't get left behind.  Give me a call today if you would like to view some homes!

March 23, 2022

Can I add an ADU to a Property?

What is an ADU?

An ADU is an Accessory Dwelling Unit, and can be used for a mother in-law suite, or a she-shed/mancave or an AirBnB if allowed.

These have been gaining popularity with more families going multi-generational and need more space or "their own" space. The City of Denver has now allowed them, but they still have rules, and you need to know how the property is zoned, then you can look to see if the lot has enough square footage to handle an ADU. This information can be found on their zoning page.

If you are thinking an ADU could work for you, give me a call, and we can discuss your possibilities.  

March 19, 2022

Denver Numbers are Down Due to Limited Inventory

The stats are out for the month of February, and all the numbers revolve around the inventory number!   As of almost the end of March, we are still experiencing low inventory (hovering around 2,200 on weekends), down 63.7% over one year ago. I have had potential Sellers who want to list and buy, but are fearful of not finding a replacement home, so they stay put and remodel.   But when they do list, they sure are seeing a great bottom line!   Multiple offers are still happening and aren't across one price point, it is in all price points!

 

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

 

Lately, we are seeing homeowners pricing their homes a bit closer to fair market value (some exceptions), and yet seeing increased price reductions (about 160 in a 7-day period).   Wonder if the snowstorms every few days in keeping the real estate market a bit slower?

 

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

Buyers - If you have thought about buying a home this year - NOW IS THE TIME!   The interest rate is unbelievable - hovering around 4%.    Be sure to be pre-approved and know what your budget is!  Be prepared, many homeowners are asking for a 60-day rent-back to find a replacement home.   With limited inventory, you may need to be more flexible in the features you want.   Select the home with the items that cannot be changed (location, layout, school district).

 

Sellers - My sellers are seeing a nice bottom line!    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 or ask for a 6-day rent-back to enable you to locate the replacement home.    

 

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.

 

 

March 15, 2022

Don't Give Up!

In Denver for the past couple of years, real estate has been fast and furious!   Inventory is at the lowest and with the low interest rates, buyers are scouring every day looking for a home.

In today's environment, most likely (in EVERY price point) you will see multiple offers.   

I have written as many as 18 offers for buyers before they got their home.  I think the most I have received for a Seller was 15, just as difficult to PICK THE RIGHT ONE.    It can be exhausting, and yet fun to see homes!    My advice to buyers - do not get attached to the home until you hear - YOU GOT THE HOUSE!   We don't know it, but there is a home out there that is MEANT TO BE.

Some things to think about before you get started viewing homes -

  • Get pre-approved!   Contact a LOCAL lender and know your numbers.   The lender letter will be sent with the offer.  These are good for 90 days, and I will keep a copy handy.
  • Know your numbers - what are you willing to spend, know your mortgage payments with the current rates.   What is your down payment, closing costs and now you may need an appraisal gap.    If you had planned to put down 20% down, but don't have a lot more than that, you may want to think about 15% down and have some for an appraisal gap.
  • Know what is absolutely important.   I used to say write down your top 7 items you MUST HAVE in your new home.    Now you may need to be a bit more flexible.    Are there more than a few areas you would be open to living in?   Again, with so few listings to view, maybe thinking outside the box may help.
  • Are you flexible with possession?   Many sellers are requesting up to a 60-day rent-back to allow them to locate a replacement home before moving out.   

With having 25+ years in the business, THIS MARKET has been the toughest!   Sellers are nervous about listing, and buyers have to compete.    Have patience and know that DREAM HOME is out there, we just don't know when you will hear - YOU GOT THE HOUSE!   Have to say, I jump for joy (and sometimes shed a tear) when I am able to share those beautiful three words!

 

Posted in Buyer Tips
March 10, 2022

What is a Post Closing Occupancy Agreement?

 

In brisk markets, Sellers may not have located a replacement home in mind, and a Post Closing Occupancy Agreement may need to be prepared to give the Seller time to find their replacement home.

 

This document describes who pays for the utilities, and requires the Seller to now carry Renter's Insurance after closing as well as the Buyer holding a non-owner policy.   It also identifies how long this short-term rental will be and if there is a deposit collected.    Rent can be collected, and is usually calculated off the Buyer's new mortgage payment, not the Seller's mortgage.    The rent and utility payment is collected at closing, and if Seller vacates prior to the end of the term, monies are returned to Seller.  (In this crazy market right now, the buyers are offering FREE rent in most contracts)

 

The Seller must maintain the property, water, and maintain the yard, if not done by a third party.    If the furnace or water heater needs repair, it states the new Buyer is responsible, as well as any kitchen appliances.  (the Buyer now owns the property)

 

This agreement also states with advanced notice, the Buyer does have the right to have access the property, and immediate access with any emergency.  

 

If the Seller does not vacate on the date agreed upon, there is a fee per day collected, which is usually the same as written in the Contract to Buy & Sell.  This document is used for up to 60 days only after closing.    If the transaction is financed, lenders want to know the Buyer will occupy the property within 60 days.   (this is why there is only 60 days included in a post closing agreement)

 

There are times you do not want the Seller in the property after closing, and need to be sure the Buyer is comfortable with this Post Closing agreement.   It is mandated in the State of Colorado if a Seller will remain in the property after closing, this document is required.

 

 

 

Posted in Buyer Tips