Hot Denver Real Estate market creates a Lease Back

Denver is a very hot real estate market with an average of 28 days on the market, so how do you sell and then buy a home? There are a couple options and tools you might use…
1. Buy a new home contingent upon the sale of your home….but most sellers will not accept that deal; would you?
2. Require a long closing period so you can go find a home…however interest rate “locks” will expire sooner than we might like.
3. Ask for a fast closing and offer to lease the property back from the buyer…this allows a good interest rate, and the buyer benefits from the appreciation they may gain. You may not have to move twice. This is a win – win.
Before you decide list your Denver home or to go out to look for a home lets talk about the process. Coordinating two sales or a daisy chain is something we have done for years, so it is not new. Sitting down and talking costs you nothing.

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

Real Estate news from Denver CO

Denver real estate data

Weekly bar chart showing sales, under contract & new listings

In Denver 1652 properties came on the market in the last 7 days while 1705 had contracts accepted and went off the market. There is still more demand in the Denver Real Estate market than supply. In addition 187 were withdrawn from the market. More homes are selling in Denver than those going on the market. Therefore, new home builders will rush, from across the country to fill the void. Builders we have never seen or heard of before. They will need land and that land will need to be developed with curbs & gutters, street lights, sewers, and power, so that is good for the local economy. But watch the no name builders. They are not always as good as they appear. Another thing to watch are the sales reps will be moving and so will your main contact. It is good to have a Realtor involved.

Here is a chart showing Denver’s average sale price with a trend line imposed:

Denver real estate price trend

Denver real estate price trend

Posted in Colorado, Denver, Denver Real Estate, Denver Realtor, Highlands Ranch, www.DenverRelocation.com | Tagged , , , , | Leave a comment

Well Drilling in Highlands Ranch

Highlands Ranch Well drilling

Highlands Ranch Realtor capture drilling rig in action….notice sound barrier walls

As you drive by Highlands Ranch High School at University & Cresthill Drive you cannot miss the drilling rig with the curtains around it. Here is the story: During the 1970s The East Cherry Creek Valley drilled a water well as part of the Willows Water District. That well has reached the end of its usable life. In order for ECCV to continue to access this important part of its water supply, they must bore a new well. This work is expected to begin on Monday, July 7. During certain phases, work will run 24 hours a day. While a sound reduction wall is in place, and nighttime safety lighting will be directed downward as much as possible, some noise and light disturbances may occur. An overview of ECCV’s water well reconstruction projects can be found at www.eccv.org/water-well-reconstruction. The District will also be providing regular updates via Facebook and Twitter. Finally, you can sign up for emails about the project’s progress by sending a message to info@eccv.org. Ask to be put on the list for Well WPA-1R. Thanks to Adam Smith, a Venneford Point & Friends Resident, for this information.

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Denver Real Estate still hard to find…its not Inventory

Denver Real Estate Market

Denver Realtor Pete Doty, Real Estate Market update

The Denver weekly real estate updates do not look any different…more homes going under contract than new listings being entered into the MLS. Prices were up on average in June by 8% versus the previous year in Denver and the median price was up by over 6%. These increases will eventually generate more inventory as folks decide it is time to make that move and take advantage of the gains made, especially in the last two years here in Denver.

One of the most interesting, but overlooked facts in Denver’s real estate market, is the addition of additional cities to the database…Boulder and Colorado Springs are now, at least partially integrated into the system. Therefore, the shortage of homes to sell is even more acute than it appears.

It is very important to remember, it is not inventory we are short of in the Denver real estate market…it is people willing to sell and make a move. The emotions of packing and moving can be very trying, yet we have younger families who want to make that move into a home they can make their own. So you will see increased efforts by builders to create those first and 2nd time home communities. Realtors are welcomed by builders in Denver as valuable assets to the home buying process. Take yours with you when you visit a new home community.

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

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.

 

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

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.

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

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

 

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

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.

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