In May, Denver County saw a 15% increase in available home inventory, while Broomfield was up 22%, Arapahoe up 10%, and Jefferson 19%. Although these numbers are impressive, keep in mind we are still down 13.5% from May 2012 in Denver. Buyer demand easily absorbed our well needed increase in inventory. We are still in a seller’s market, and I anticipate it continuing for the remainder of 2013. Taking a sneak peak, Denver’s mid-month inventory is down 3% from the beginning of the month indicating buyers are outpacing new listings.
Interest rates have started to increase but are still below 2010 rates. Median home prices have continued to increase and are up 10% across the Front Range from May 2012. Coupled with rising interest rates, every day on the sideline means less home you are able to purchase for the same amount of buying power. Thinking about selling? Now is the time to take advantage of low inventory and increased prices. Move-in ready homes priced competitively are going under contract within days and sometimes hours of hitting the market. This summer will be full of opportunities no matter which side of the closing table you are on.
Whether you are a seller or buyer, the appraisal is important as it can make or break the sale, the subject of our December 2012 Article, Why Do I Need an Appraisal. Here we will focus on the appraiser’s perspective. Appraisers of residential property use the Sales Comparison Approach.
Appraiser’s Tasks. The appraiser will:
- make a visual inspection of a home in about 15 minutes (yes, that’s all!) looking at:
- square footage
- room count
- number of bedrooms
- number of bathrooms
- functionality and useable space
- garage and parking
- basement square footage and finish
- anything atypical of a comparable home.
Summer is an awesome time to be in Denver! Whether you’re new to the area or looking for something different to spice up your entertainment, we have 10 great ideas for your itinerary:
- Outdoor Summer Movies
Drive-ins may be hard to come by, but that doesn’t mean you can’t enjoy a movie outdoors! Check out Film on the Rocks put on by the Denver Film Society at Red Rocks Amphitheatre. You can’t beat enjoying a movie with a view of the Denver Skyline. For free options, check out the Larimer Square Summer Film Series, the Civic Center Bike-In Movie Series, Southwest Movies at Skyline Park, and movies at other various parks throughout Denver.
- Outdoor Concerts
Prefer music to movies? Check out the various outdoor concert options around Denver including shows at Red Rocks Amphitheatre and Fiddlers Green. The Denver Botanic Gardens also offers a summer concert series that includes artists such as Tony Bennett, the Indigo Girls, and Chris Isaak. For a free option, make a picnic and check out City Park Jazz. It’s every Sunday night from 6-8pm throughout the summer. Continue reading
Our team is growing! Olivia Kunevicius recently joined Starbuck Realty Group as our newest broker. Olivia is excited to start her new journey with us, while continuing to bring the highest level of customer service and professionalism to which clients have been accustomed. Olivia is fluent in Spanish and will help expand the Starbuck Realty Group experience into Spanish speaking households throughout Denver and the Front Range. Olivia is an expert in distressed properties and can help you navigate the purchase of bank owned and short sale properties. She has been recognized by 5280 Magazine’s Five Star Real Estate Professional Award for the past three years in a row. Check out her site or give her a call today to see how she can help you with your real estate needs.
Denver B-cycle is growing! This year 30 new stations are being added around town to help make their system even more comprehensive. You can snag an annual pass for just $59 until May 24th (when prices go up to $80). It’s a great way to tour Denver (especially with out of town guests), save on a taxi to downtown or a ballgame, or not have to maintain your own bike! Check out their website for more information.
In April, available housing inventory in Denver hit its lowest point in 2013 at just 1.4 months. This has created fierce competition among buyers looking for suitable properties. Multiple offers have become the norm during the first few days of new listings, which is helping to drive median home prices up. The million dollar question is will home inventory increase during the summer season? I believe you will see a small amount of inventory increase over the next few months but not enough to outpace demand. The thought of becoming a buyer in today’s tough seller’s market will likely keep owners who are on the fence about listing out of the market.
The negotiations are complete, and you are finally under contract! The next step is the home inspection and it should be scheduled as soon as possible. Selecting a qualified inspector can be a daunting task. In Colorado, home inspectors aren’t required to be licensed by the state. It’s important to hire an experienced inspector who has professional certifications, such as ones from the American Society of Home Inspectors. A great place to start the search would be to ask your Realtor® for some names of qualified inspectors.
Why a home inspection?
Buying a home is a major purchase, and the last thing you want to happen during the first year is a big maintenance issue. A home inspector can not only discover maintenance issues but can give you an unbiased opinion of improvements that need to be made to the home.
The purpose of home inspection is to look for health and safety issues that could potentially cost you thousands of dollars to repair. Keep in mind, the inspector can only inspect what he or she can see and won’t be ripping up flooring or taking down drywall during the inspection. They are there to “nitpick” details of the home and provide you with as much information as they can about the history and current condition of major systems, structure, cosmetics, interior and appliances. Continue reading
Owning a home has long been the “American Dream.” Yet, Census Bureau statistics show that the national homeownership rate fell from 69% in 2004 to 65.4% in 2012, the largest decline since the Great Depression. Now we see homeownership on the increase, as we see being reflected in the changing real estate market:
- the supply of homes is down
- the pent up demand has unleashed
- renters are buying their first home
- homeowners are moving up
- people are downsizing or moving from a larger two story home to a ranch
- there is an influx of relocations
- interest rates are still at historic low levels.
A well-priced home in a desirable neighborhood can sell very quickly, even garnering multiple offers and selling over list price. The American Dream of homeownership is alive and well.
ADVANTAGES OF HOME OWNERSHIP Continue reading
By guest author: Christian Durland of Homeowner’s Blueprint
Here in Denver, Colorado, things have been quite exciting in the local world of Real Estate. While many other parts of the country are still struggling in terms of foreclosures and short-sales, and an over saturated Real Estate market, here in Denver, we’re actually enjoying some home appreciation with certain pockets of the Metro area going up into double digit appreciation rates over the last year, along with home inventories (homes currently being offered for sale) being at a 23 year low.
With all this positive news, many are now thinking that this maybe the right time to dive into Real Estate and purchase a new home, but many of those who are making this decision must also sell their current home before purchasing a new home, which is still (even though the market has “healed” quite a bit) not as easy as it once was before “mortgage meltdown” and the subsequent housing crisis of 2007-2010. Then there will be those, who will opt to retain their current home and convert it into a rental property, either by necessity, or because they choose to, however this transition may not be as simple as one might think either. Continue reading
If you’ve already started looking for a home, you don’t need me to tell you how hard it is to find one that meets your needs. In Denver alone, available inventory has dropped 35% since January! If you are actively looking and plan on purchasing in the next 30 days, you need to be aggressive. And when I say aggressive, I mean really aggressive. With the help of technology, successful buyers walk away with a home under contract within the first 24 hours of it being listed. You are at a disadvantage if you aren’t using an automated property search that emails you when properties, that match your criteria, hit the market. Time is of the essence. The longer the property is on the market, the greater the opportunity for other buyers to jump in the mix, and you may end up in a multiple offer scenario, paying more than you should.
If you find yourself on the other side of the fence and are considering selling, now may be the time to get serious. Since January, average days on the market for residential properties in Denver dropped 13 days to near 12 month lows of 52. For condos, over the same time period it dropped 10 days to 77, indicating properties are going under contract and closing quicker. Median home prices in Denver are up $35,300. The limited supply of homes and increasing demand from buyers will continue to drive prices higher as the summer season progresses.