Denver Real Estate Market ends June like a lion

Denver real estate is no exception when you look at any market driven by supply and demand. You will see peaks and valleys of price. When demand is high prices go up…think of oil in 1973-75. While not absolutely analogous to todays’ Denver real estate market the oil embargo of those years dried up supply and we had lines at the gas stations waiting to get any gas we could. Today, home Buyers in parts of Denver are lined up waiting to buy the next home that comes on the market.

Denver real EstateHave a look at the chart and you will note the “New Listing” plus the “Back On Market” listings (supply) equal the “under contract” listings. Then note the “SOLD” properties and they seem out of balance (of course these went under contract about 1 month ago). This 7 day snap shot represents the end of the month, therefore closings should be a bit higher.

While this may appear “balanced” this represents an average time on market in Denver of about 30 days which is a exceptionally fast Seller’s market. Appraisers are trying to stay up with trends and given recent legislation, they are hamstrung, even though it is an “appreciating market”. And the underwriters at the mortgage companies are trying to understand that inclusions do not always add value, but they still have to account for them. This means that when you price your home you need to stay withing the window of what the value should be according to the appraiser. Of course, if you do not mind having your house on the market for 6 months, that market “may” catch up to you.

 

Denver’s neighborhoods and suburbs are the final challenge; where do you want to live? Each one has its own dynamic of supply & demand such as Highlands Ranch and Lone Tree where there is very little inventory. Price ranges too can create a slower market than that published. Averages are just piles of numbers thrown together to make a point…Denver is a great place to buy a home or if it is time to move to Arkansas to retire, prices here are good.

Prediction: Prices will go up or prices will go down or prices will stay the same. I know I will be right at least 33% of the time.

Check out Denver Relocation.

 

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Denver Realtor Testimonial – Pete Doty

Below is a testimonial I just received from a couple of first time buyers here in Denver. As a Realtor it is always nice to hear these words from a client who has just gone all the way through the process. Thank you Nicole & Tarik! It was a pleasure helping you find your first home in Denver.

Pete Doty was extremely helpful and continuously gave us tips throughout the process of purchasing our first home. We could not be more pleased!!! He was extremely knowledgeable.

testEach person we dealt with throughout our home buying process was fantastic. Everyone was prompt and knowledgeable. 

We were very nervous buying our first home and Pete and his staff made it easy. We have been bragging about Pete and everyone since we closed: )

We would recommend Pete to anyone because he was knowledgeable, caring and trustworthy. We knew he had our best interests at heart which was so important to us being that this was our first home-buying experience.

 

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Denver Real Estate trends

Every week I have been posting a chart similar to the one below. It has demonstrated the Denver real estate market being in a Seller’s orientation and I have said I do not think it will change quickly, or until the new listings exceed the under contract properties.

Denver Real Estate MarketI noticed something last week, and this is very subjective in nature, but there seemed to be more “new listings” offered at the weekly South Metro Denver Realtor marketing session than buyers needs. Not exactly a scientific measurement, but an observation that makes me say hmmm? Additionally the attendance was down enough to make me think we are going into the summer “doldrums” early this year. Why would this happen?

Well best I could figure would be the buyers are saying “to heck with it, I do not need to buy that Denver home if it is going to be this hard!”;  the Realtors are going on vacation because “there is nothing on the market”; and the Seller’s may have missed the big flurry…that is to be seen in the next week. I think a seller would be wise to buck this trend this year.

Summer “DOLDRUMS”? Yes it is interesting that between July 4 and August 15 (start of school) it seems there are a large percentage of buyers on vacation, mostly due to their demographics: young families, school age kids and upwardly mobile working parents who tend to buy homes due to their increasing income. I know we see this in the south part of metro Denver and it has been the case for all 29 years I have been in the business.

Is your business faster or slower in the summer?

Check out Denver Relocation.

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Denver Real Estate Remains out of Balance

As you can see the new listings plus ‘back on the market’ listings (total 1611)  are still being out-stripped by the properties that go under contract (1690). Add to that the units that sell and close (1387) the count of homes available to purchase in Denver in the metrolist database shrinks quickly.

Capture 6-17

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Highlands Ranch – Perspective

Re*fer*al

An act of kindness between you and your Realtor (ME!?)

I was recently made aware that the real estate industry in Denver (Realtors & Mortgage Lenders) only seems to be talking about inventory levels and how they effect the market in Highlands Ranch and south Denver.

Realtors need to remember there are kind and gentle people involved in this process, not just piles of sticks and bricks on the shelves of “inventory” warehouse. These are in fact homes that for some reason (outgrown, too big, too small, no kids, more kids, divorce, marriage, health, etc) that no longer fit our lifestyles and we need to make a move into something different.

I strive to first help my clients reach their new goals with as little disruption to their lives as possible, and then meet their monetary needs. So be assured that referring me to a friend, a family member, a co-worker, or someone from church; a client moving from out of town, or??? will be treated with a great deal of respect and confidentiality and is in fact, an act of kindness to both that person and me.

Thank you in advance

 

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Denver STILL Out of Balance

Looking at the Denver Real estate statistics while in a class in Vail about marketing I took another weekly snapshot of the mls. Again, more under contract than new listings entering the market. Go check out the previous few weeks and see the other snapshots to see what has been happening here.

Capture6-9 So when you are thinking about selling your home, strategic planning for the marketing of your home is critical. Local market knowledge can maximize the price you get, when you do sell.

When you want information on the process of how to sell a home, how the proceeds are determined, or how to review a market valuation, drop me a note. I work and live in Highlands Ranch as well as the other cities listed below.

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Denver Real Estate Inventory Shrinks

Yet another week when the Denver Real Estate market stays out of balance, in favor of the sellers. We continue to see more homes sell than are available in Denver. Therefore, prices will continue to edge upward, while the condition of offered properties will slowly deteriorate, making those in top condition ever more valuable.

Capture6-2After looking at this chart, one can see the trend, however see my previous posts for other 7 day charts to get the full flavor of my comments. Now here is a self serving comment or two:

 

 

The benefit of a “Buyers Agent” may not be fully clear in a market like this, especially when that agent also lists properties. The plain fact is that an agent who represents you and has heard the other side of the transaction (other sellers or buyers) respond to similar offers can help you make decisions that might help you win the bidding war. A home that is in exceptional condition might be worth taking a gamble on the inspection by waiving it. That is a valuable, and to the seller, a potentially costly part of any contract. This is one way to make your offer stand out. So when you are in the market to buy or sell that Denver Real Estate, give an experienced pro a call to discuss how they might help.

In some 29 years, I have not seen the same transaction twice, rather I have seen parts of them throughout that time. Each deal is different and each buyer and seller brings different experience and personalities to the table.

Denver Relocation.

 

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Denver Real Estate wild ride continued

Every week I seem to say the same thing, the Denver real estate market is wacky!

Yet again this week we see the same continuing trend…more under contract than coming on the market. Or siad another way, more demand for homes than supply of homes.

The upshot will be prices seller’s ask for their Denver Homes will be higher than the same model that sold last month around the corner. And until the trend reverses, prices will continue to go up.

Denver Real estate TrendsSO, buying a house in Denver will require 1: comittment to the process; 2: Funds available for earnest money; 3: A verifiable loan officer; and finally flexibility in deliver dates. OH yeah, most of the time negotiating in our market is getting there first. If you want some help with this, feel free to contact me.

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Memorial Day – WHO will you remember?

Too often many of us (and I include myself among us) think of Memorial Day as Race Day or Day Off Work Day.

It was originally called Decoration Day to honor those who died in service to our country. Too many young men of my age went, and I did not have to because of their service. For those who lost someone special such as Porter Rathbun, thank God for them being in your lives and remember them. For those of you who made it through, and came home, THANK YOU!

Many people then started using it as a day to revere the memory of any family member or friend who passed on.

If you follow the tradition of honoring service men and women, I salute you. But all of us — whether we honor the original tradition of Memorial Day or not — should take a moment to remember the people we were close to — parents, special relatives, close friends — who have passed on. They meant the world to us in life, and we should all take a few moments to remember the lessons they taught us, the way they made us laugh and smile, the secrets that we shared with them.

That keeps them alive in our hearts and minds.

Who will you remember this Memorial Day?

Denver Relocation.

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No Change in Denver Real Estate

It is the same crazy Denver Real Estate market as it was in March. Here are 3 different snapshots from 3 – 7 day periods. Do you see a change? This is May 19th…Capture

 

 

 

 

Here is May 14th…Denver Real estate market

 

 

 

 

And here is April 28th Denver Real Estate

 

 

 

 

 

And here is the market snap shot for all of Denver Real Estate in April (sorry it is fuzzy):Market Snap April 2014

Homes are still selling faster than they are coming on the market. Prices continue to increase. Talk to me before you list your Denver Real Estate.

The Nightline story last weekend was pretty accurate about the folks trying to buy a home in Highlands Ranch, except, with a plan, and a responsive system in place, even those folks will be successful. What is needed is an approach that has been proven through the years (the 1993 uptick, the 2006 uptick) to work, and a Realtor who knows Denver and how to quickly respond to you. It needs the kind of commitment that a full time occupation requires to get you to the house, get an offer written and get you under contract. And it could well require extra mileage to get the job done in this crazy Denver Real Estate Market.

Let’s build a plan to find that perfect Denver Home (oh that was a shameless plug wasn’t it?).

Posted in Castle Rock, Centennial, Denver, Denver Real Estate, Denver Realtor, Englewood, General Real Estate, Highlands Ranch, Littleton, Lone Tree, www.DenverRelocation.com | Tagged , , , , , , | Leave a comment