Is Now a Good Time to Buy Denver Real Estate?
January 25th, 2009 categories: Market Trends, Real Estate News
Where do you think we currently fall on this graph?
Somewhere between Panic and Depression? Inching toward Hope judging from Denver real estate’s showing activity in the past 14 days?
Too many buyers will wait until we pass Hope and head into Optimism. That may be the right time to move homes, but it won’t be the time for maximum return on investment.
Homeowners should remember that their primary residence is first and foremost a place to live, raise the family, make memories. Second – it is an investment. Investors looking for rentals, or an extremely well-calculated fix and flip, this appears to be the time of maximum value to make that purchase.
There is too much mattress money out there waiting on the sidelines. Loans are available, and homes are plentiful. Get off the fence, don’t be paralyzed by Depression.
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Denver, Colorado – Stability in Home Prices Predicted
January 18th, 2009 categories: Market Trends, Real Estate News
The PMI Mortgage Insurance Company, located in Northern California, issued their quarterly “Market Risk Index” this week.
Denver, Colorado is listed among 10 U.S. cities as those posing minimal risk of housing prices being lower in two years than they are today. This report doesn’t make assertions as to whether housing prices will rise, but it’s a good bet that stable or rising prices are more likely in our future than lower prices are.
Combine this news with historically low mortgage rates, and you see what a great time is is to get off the fence if you want to buy property in Denver. Denver housing is picking up steam in a massive way. Our office’s showings are way up. Just on my own listings (click LifeStyle Listings to see them all) I’ve had more showings in the past week than in the prior three months.
If you’re waiting for home prices to fall, just consider that a 1% change in rates (from the 6’s we had a few months ago to the 4’s and 5’s now) can drastically reduce your payment, more than if prices were to drop a little further in the coming months.
My childhood home of Riverside, California didn’t fare so well in the report. They are among the top 3 areas where prices are most likely to drop. I’m glad I live in Denver now.
Denver real estate appears to be a better investment than nearly everything else besides gold. Maybe it will turn into gold if you hold onto it long enough. Stay tuned here to find out more!
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Denver Colorado Real Estate | December 2008 Market Statistics
January 8th, 2009 categories: Market Trends, Real Estate News
Prognostications from the kitchen table
That’s pretty much what we do, real estate bloggers – peer into our crystal balls, ignore the strictly bad news and go with our gut. But our gut involves real world experience. We’ve either got buyers in our cars or we don’t, we’re either listing 
properties or we’re not. If we are driving buyers around and we can find good inventory to show them, then we can say that for that market segment we see demand.
Seasonally Adjusted
Listen to the statistics you hear from “national” publications, and you may not be aware that there is a seasonal ebb and flow to real estate sales. Yesterday we learned that the market was down in fourth quarter 2008. Surprised? You shouldn’t be, the market is always slower during the fourth quarter. In actuality, the supply of unsold homes (or inventory) fell again for the 6th month. The declining inventory began in June 2008. May 2008 was the last month Denver saw more inventory added than sold. In May, we had 26,333 listed properties in the MLS, in December we had 19,600. That’s a whopping 6,733 fewer homes for buyers to look at. This number will likely begin to rise again in the next few months for the spring selling season, which is good news for buyers. When there is a dearth of homes to choose from, buyers will begin to see prices creep – even if it’s not a lot, this will be the indicator that we’ve hit the floor.
Denver’s Statistics
The Denver statistics are provided by Metrolist, our local MLS provider. It’s really fascinating to compare not just the month-to-month stats, but the year-over-year as well. The amount of inventory for both single family homes and condominiums is down 20% from this time last year. That’s a pretty drastic reduction in available homes for buyers to look at. If any pent-up demand emerges as interest rates go lower, we’ll continue to see homes selling more quickly. That’s illustrated by average days on market going down both from the month before, as well as from last year.
Why are prices down?
People ask me, “well, why are prices down?” Probably as many reasons as there are neighborhoods and price points. There are still foreclosures that need to be sold to new owners. Colorado’s foreclosure rate is drastically lower than it was a few years ago, and it seems to be slowing. We’re not even in the top 3 states – and in 2006 we had the dubious distinction of being the number one state for number of foreclosures. But we are still seeing the mix of properties that sell skewing to the lower end of prices. There have been a few more high end sales in recent weeks, but that end of the market will only really begin to recover when mortgage money for jumbo loans is more affordable and when more of the high-end inventory is sold off.
New York Times on Denver
The New York Times has repeatedly focused on Denver’s positioning as a good economic bet. In an article published in yesterday’s Times, the diversification of our economy and the relative stability of our residential real estate market are chief causes. Don’t forget quality of life. Today is January 8th and the temperature is 62 degrees – plus the snow in the mountains is perfect for skiers. My husband is out enjoying his motorcycle this afternoon.
Statistics are an interesting indicator of history. We look back and see what happened. Talk to your full-time professional real estate broker and you’ll get the answers from his or her crystal ball and real world experience .
The Denver Post interviewed me this week about picking Denver’s Next Hot Neighborhood. The crystal ball will come in handy for that one too.
| Discussion: 5 Comments »
Denver Real Estate | Denver’s Architectural Styles
January 3rd, 2009 categories: Life In Denver, Relocation Tips, Selling Strategies
When you’re selling your home in Denver, you may want to have the correct label on the house for it’s architectural style. I’ve seen homes that were clearly Victorian labeled Tudor, or Mid-Century Modern called International Style. Denver Real Estate is replete with fabulous architectural styles, and remember, marketing is everything. Your Bungalow may or may not be Arts and Crafts.
My home is a Tudor style, something my husband and I said we didn’t want when we were looking for a home. We tended to gravitate to clean lines and a more modern, warm feel. Our house was built in 1938, and many of the architectural details reminded me of the house I grew up in, built the same year. While we thought a Tudor home would be dark and choppy, we discovered that the house was perfect for our family’s lifestyle.
Another lovely style that’s been adopted as a Denver original is the Foursquare. Locals call this a “Denver Square” and these homes were primarily built in the late 1800’s and early 1900’s. They supplanted the more embellished Victorians found in many of our older neighborhoods.
Always a favorite of mine is the Modern Style home. Among “Modern” you’ll find Prairie and Usonian styles, and in some 
neighborhoods (Bonnie Brae for example) there are fine examples of International style homes. These tend to be devoid of decoration with clean lines and flat roofs. As a child, our coffee table books were Art or Architecture books. I clearly remember thumbing through my parent’s Bauhaus book and being enthralled with the artistry of the style.
Other typical Denver styles of architecture are Neoclassical and Georgian. These are often confused. The Georgians are very symmetrical and formal. They usually have a grand entryway or portico. The keystones above the windows are another giveaway that you’re looking at a Georgian style home. The Neoclassical style shows off the very prominent columns and you can’t mistake the look that was intended to mimic a Greek Temple.
Finally, we must admire the workhorse of Denver’s Washington Park neighborhood – The Bungalow. Bungalows in Denver are low slung and brick. They typically have lovely front porches with brick columns holding up the roof. Many bungalows have beautiful Craftsman style mill work inside, and it’s always a pleasure to find the warm wooden trim unpainted or restored.
Central Denver is a unique mix of architectural styles, and while some have been adapted with a western flair, there are elements of historic styles in new and older neighborhoods. Read today’s terrific article in the Rocky Mountain News if you’re interested in more information on Denver’s architecture.
Enjoy your search for a new home in Denver, Colorado!
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