Denver Real estate Market Update

This Denver real estate update shows that there are 28% fewer homes on the market this year than last year at this same time, and the average sale price in Denver has increased by over 11% from a year ago, according to MetroList, the Denver multiple listing service. I have always contended that where the single family home market goes, the condominium and townhouse market will follow, therefore I have concentrated my reporting on the single family home. Last month, however,  the average sale price for a condo/townhome increased by over 29% from the previous year, and 10% from the month before.

The real estate market in Denver continues to tighten due to the inventory of homes shrinking, yet interest rates are at all time lows allowing you to buy more house than ever before! When a house gets close to all the parts you are looking for because it is likely that someone who saw it yesterday may still be thinking about it, or could be writing an offer.

2013 will be a year of multiple offers on homes in Denver and you best have a Realtor who knows how to position you in the best possible light to the seller. Sellers need an experienced Realtor who has handled multiple offers before.

 

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Remodeling is an option in Denver according to Realtors

The March/April issue of CRS Magazine they Remodeling Magazine on some minor fix ups, their average costs and the percentage you might expect to recover from doing the work. Here is what they published:

Remodeling Magazine Cost vs Value

Pete Doty provides this useful information on the remodeling projects you might be considering. Call Pete to schedule and evaluation of your home.

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Agency…Only 3 ways in Colorado

A Realtor can be a Buyer’s agent
A Realtor can be a Seller’s agent
A Realtor can be a Transaction Broker.
There is NO DUAL AGENCY in Colorado
If you need to know more about this talk to a licensed Colorado Real Estate Broker who posts their own blog comments.
Experience in the local market is way different than sales experience in other states.

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Previous Post & Zig Ziglar

It was probably Zig that said it…he will be missed.

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Buying a Home…manipulation? Or??? What???

Many years ago I heard someone say that selling in all forms is not manipulation of the buyer but rather helping that buyer come to a conclusion faster than they would naturally reach that conclusion themselves. This is done through providing information, statistics, and experience to the buyer’s portfolio of knowledge as questions and opportunities arise. And this is my heart for the business: to save you time, aggravation, and expense throughout the process.

It is an important part of the qualifying process especially in real estate where it helps the buyer understand what it is they want and what they are asking for. One of the challenges of the internet is that the professional does not get the face time to ask the questions such as “what do you do for fun?” (there are many others too) which has lead in the past to the need for a hobby room with a 220 volt power outlet to run the kiln.

The internet does not always allow for that kind of interchange of ideas, and I think people may be short changing their own efforts by not engaging with a professional in the field.
I see my real estate practice as one of helping folks save time, by asking them questions, having them negotiate the family priorities, and solidify their objectives, before we ever get in the car to look at homes.

Would love your thoughtful responses to this…

 

 

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Quick Nimble & Fast…the Denver Real Estate Market

Home buyers who come to Denver often want to impose their previous market conditions on Denver sellers…and It is even harder when you have a client coming from a lousy market where “we had to do this to sell our house. It took us 6 months,   it is already closed   so we can wait these Denver sellers out. They will lower their price and then we can low ball them some more. We are buyers and WE are in the driver’s seat!”
Then  the house sells in 19 days at full price and they act surprised.
Is that consistent with the Denver real estate market?

Single family homes

New listings in October: 3189
Sold Closed in October: 2993
Under Contract in October: 3030
Home Buyers need to be quick nimble and fast in Denver right now.
They CANNOT be slow lethargic and thoughtful.
The Average Denver Home sale price has increased OVER 12.5% from last year.
Now Buyers want to know why they cannot buy it for 20% off?
And what happened to all the foreclosures?
Drive the streets…how many for sale signs do you see?
Even more important, they need an experienced Realtor to help guide them (oh that is a shameless plug isn’t it?) 
If you feel you want candid open conversation about the real estate market in Denver, the suburbs including Highlands Ranch, or out in the country, give me a call. It would be my pleasure.
More Denver statistics from MetroList are available from www.DenverRelocation.com
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Denver Real Estate Market at a glance by Pete Doty

I checked some data again today as is my habit on the 15th and in October 2012 Denver Realtor s sold and closed almost 3000 homes in metro Denver. During that same period new listings, according to MetroList numbered 3189. Additionally, some 3030 properties also had contracts accepted and so they are classified as under contract.  We are selling everything that comes on the market! I do not remember that happening for a very long time!

I must explain that the numbers I reflect are from a geographic area that reflects the same area known as “Denver” when I started in the business in 1985 so there are many years of trend watching here. Bennett, Brighton, Boulder, and Evergreen just were not part of “Denver” back then. Metrolist has a larger view and I am adopting there efforts in reporting some of the real estate sales in Denver and so…

It would be so very helpful if you would look at http://www.DenverRelocation.com and give me feedback as to the benefit of the chart I placed there for you. Send me a note or add some feedback.  authored by Pete Doty

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Veterans Day Gift – from Pete Doty

Veterans deserve far more support than we can seem to manage as a country. This is a small thing you can do to pass on to your veteran friends. There’s a list of restaurants that are offering free meals to Veterans – be sure to check it out.

Veterans Day discounts (for Veterans)

http://themilitarywallet.com/veterans-day-free-meals-and-discounts/

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Rookie Season as an by Election Judge – by Pete Doty

This year, for the first time, I have volunteered to be an election judge in Highlands Ranch. Other than voting I have never participated in the process so this is a bit of an adventure for me. I am prepared for a long day…from 5:30 am to 9:30 pm. I cannot go out to lunch, and I cannot turn on a computer or other electronic device while in the polling location  (I guess that is like a vacation?). I can read a book (but not on an iPad) during the slow times but it cannot be political in nature as there is no electioneering within 100 feet of the polling place.

The hardest thing may be the chairs, typical school folding chairs. So I asked if I could bring my own and was answered that I could. I have an old secretarial chair I will take that is soft(?).

I will be working as a electronic poll judge, checking folks in and getting them to the next step in the process. Douglas County provided training for me on the entire process but also specific to my job. It is a very organized and detailed process and the organization is designed so that everyone has the opportunity to vote.

There are a huge number of election volunteers here in Highlands Ranch and throughout Douglas County (and the country) who actively participate and make sure the system works as designed. My rookie season hat is off to them…some of who have been active in this non-partisan process for decades as volunteers!

I will be at Mountain Vista High School in Highlands Ranch, so if that is your polling place and you have yet to vote, we should see each other.

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VOTE

Tuesday is it.
Make a difference.

Bring an ID with a Colorado address (but only if you live in Colorado).

Vote

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