Not many Denver Realtor s can say they were here when. That is experience talking. See my website I started in 1997 at www.DenverRelocation.com.
Please allow this Denver Realtor to offer some advice for home buyers: STRETCH FOR AS MUCH HOME AS YOU CAN. or in other terms Buy as big a home as you can afford.
I know it is hard to know the future and the past is no guarantee of the future but in 1984 I was laid off. No jobs and Denver s Real Estate market was looking bleak, heck the economy was headed into the tank ( It took the rest of the country 2 years to figure it out). So by 1989 there was a lot of gloom and doom and we were sure that the world would end, at least economic world. It turned out it was time to buy real estate.
From 1989 until 2007 the Denver Real Estate market flourished posting pretty steady gains almost every year until 2007. The bottom of the market started to feel mushy in 2008 and fell out in 2009. Denver Homes and Realtors started to leave the market. Rookies Realtors have a hard time of it in a down market so there were fewer new licenses than ever before. Today, 4 years later every one you know thinks it is a great idea to get a real estate license. And the prices of homes are going up. Who will you choose to be your advocate in the negotiations? NEWBIE? or Seasoned Pro?
And neighborhood histories, if you know them, can be your friend, or not! Some homes were not built well. Some neighborhoods were “over mortgaged” by the well meaning lenders back in the day. Part of knowing the Denver real estate market history is knowing the downside as well as todays ever present upside. Somebody asked me the other day to look at an area for them, “cause the deals were fabulous”. And that is only because the neighborhood took the worst hit economically in this latest downturn in Denver. I am happy to help them buy there, but they need to know the pattern does not change.
Some areas retained 90% of their prior value. Some streets in those areas lost value. A home backing up to a busy street loses its value faster than a comparable home backing up to a greenbelt. So, if you can afford it today, stretch for that walk out or that greenbelt location. It will be well worth it. That is my advice. Also, choose a seasoned pro to work with. Nothing wrong with newbies…they just do not know what they do not know.
That is this Denver Realtor’s story today, and I am sticking to it. Want to talk? Call me at 303-880-5585