Denver Colorado Real Estate | November 2009 Market Statistics
December 21st, 2009 categories: Market Trends, Real Estate News
Busiest December Ever!
That’s not an exaggeration. It’s December 21st and I just got an offer on a listing which went under contract today. Our office rocking. The contracts keep coming in.
And we all had a great time dancing to the King of Pop last week at our office party. The mood is light years away from the dreadful, scary, morose feeling everyone had a year ago.
Not to say that things can’t fall apart on a dime. We’ve learned that a few times in the past decade. But when the going’s good you need to embrace it.
The Denver real estate market is setting the tone for an excellent 2010. This will be a very different year and buyers and sellers should be prepared to adjust quickly.
Looking at November’s market statistics (Christmas cookies took over for timely posting) you can see that Denver’s inventory is extremely low. This is more than just a typical seasonal adjustment. It’s a reflection of sellers’ pricing reality and buyers’ pent-up demand.
Our market is up 23% from this time last year! That’s an incredible statistic. In the words of Steve Harney, “You have to be dumb or broke not to buy a house right now.” A new house, an investment home, a move up, a downsize - this is your time, baby.
The average price is also up just a shade from last month and over 5% from last year. Sellers - don’t expect this number to magically increase at a rapid rate. Prices will remain deflated for awhile, but as the market picks up steam, prices will too.
With average days on market at 81 days, inventory will continue to sell off quickly and buyers’ lament will be that there’s nothing to look at.
After January 15th -when the market breathes new life every year - we should see an increase in inventory, and an increase in sales. Properly priced and showcased homes will not languish on the market in 2010.
Happy Holidays to everyone! Thanks for reading LifeStyleDenver for two years. Keep coming back and let me know if you want to list your house or find a new home in 2010.
| Discussion: 6 Comments »
Top 4 Colorado Places to Chop Your Own Christmas Tree
December 1st, 2009 categories: Life In Denver
Have you ever hiked into the woods in early December, trudging through several feet of snow to chop down your own Christmas tree?
Have you ever done it in tennis shoes?
I have, and my former father-in-law never failed to remind me that girls from California should seek footwear advice from a local before heading to the Rockies to chop down a tree in December. (Ex-father in law, you see.) He took great enjoyment from reminding me of that little faux pas.
Which is sort of like my father asking me if I remembered to turn on the oven whenever I’m cooking a turkey. Ha ha!
Colorado offers some lovely places to chop down your own tree. I’ve chosen the top 4 closest to Denver. Most are less than 2 hours away, many even closer. It’s really a treat to hike out into the forest, find just the right tree and haul it back to the car - only to discover that it’s actually 12 feet tall and your ceilings are 8 feet. Beware - the trees look a lot smaller in the forest than they do in your living room.
We went into the national forest at Red Feather Lakes to get our tree. That was fun, good for thinning the forests, and you get a really natural organic tree. Plus, the price is right! Typically $10 for a permit.
1. State and national forests:
Christmas tree permits, which allow you to cut your own Christmas tree on public lands, are now on sale at National Forest/BLM offices and some retail outlets. Permits come with a brochure, which explains regulations and offers helpful tips. National Forest/BLM offices also sell maps and offer free advice on the best areas for tree harvesting, and the best species of tree to cut.
- Denver & Front Range Areas: Four primary cutting areas along the Front Range in the Arapaho, Pike and Roosevelt National Forests serve metro Denver and surrounding communities. See their website for more information on permits, etc.
- Permits: $10 each. One tree per permit. Limit 5 permits per person. All sales are final.
Area Entry Hours: 8:30 am to 2:30 pm - For your safety, no entry is allowed before or after these hours.
2. Colorado state forests:
Christmas tree cutting permits at Golden Gate State Park - A limited number of permits are usually available for the Golden Gate Canyon State Park, just 30 minutes outside of the Denver metro area. This usually takes place over 1 weekend. Areas for both four-wheel and two-wheel drive vehicles will be available, with some hiking required. The tree permits will be available at the Golden Gate Canyon State Park Visitor Center located at 92 Crawford Gulch Road, 15 miles west of Golden. To reach the Visitor Center, turn west on Golden Gate Canyon Road, off of Highway 93. Permits will be sold from 9 am to 4 pm daily, while supplies last. Permits may also be purchased over the phone with a credit card by calling 303-582-3707. Visitors must pick up their permits at the Visitor Center prior to cutting. A detailed map with additional information is provided with each permit. The 2008 permit cost was $20. Permits were discounted to $10 for those with a State Parks Pass.
3. Christmas Tree Acres:
This tree farm has been selling cut-your-own trees since 1986, and the owners are there to help. They point out that a fresh tree will last much longer than trees that were chopped down weeks ago and trucked in from a different climate.
For prices and directions call: 970-284-6061
23003 County Road 39, La Salle.
4. U Cut Tree Farm
This 80-acre lot offers several varieties of trees, including Scotch Pine, Douglas Fir and Blue Spruce. You can ask the owners about the pros and cons of each, but here’s a description from the US Forest Service site.
At U Cut, you’ll drive up for directions and then you can take your car out into the lot to find your perfect tree.
For prices and directions call: 303-660-477011200 Colorado 83, Franktown.
Best wishes from my family to yours for a fun and safe holiday season. Enjoy your Christmas, Hanukkah and New Year’s. Remember that for your 2010 Denver Real Estate needs, I’m just a click away.
| Discussion: 16 Comments »
Be Thankful - A Denver Thanksgiving
November 26th, 2009 categories: Life In Denver
Holy pumpkin pie, Batman! A year has gone by since my rumination on tofu turkey.
This year, I’m thinking about store-bought pumpkin pie. I have gourmet friends, and friends who can’t cook to save their lives. I even have a friend who owns her own catering company - she’s a handy friend to have! Some will prepare pies, others will pick them up from Safeway.
One person will turn her nose up at “store-bought” another doesn’t really care.
I’m just thankful that there’s such a thing as pumpkin pie at all. Who could possibly stomach pumpkin without all the sugar, cream and crust anyway?
Here’s what else I’m thankful for this year:
- My husband’s love and support. He says, “you look nice today” every single day when I’m leaving the house!
- A loving and supportive extended family.
- Terrific, fun and funny girlfriends.
- A fabulous company, The Kentwood Company, with wonderful colleagues and ownership dedicated to making our company the best.
- Denver Real Estate - my career and life.
- My eyes - I don’t know what I would do if I couldn’t read.
- My son isn’t behind the wheel yet - but I only have two more weeks to be thankful for that…
- The bounty we enjoy and sometimes forget to recognize.
Enjoy your pie, pumpkin or not, your turkey, your potatoes and all the fixins’ on this 2009 Thanksgiving Day! It’s 65 degrees and sunny here in Denver - aren’t we lucky?
| Discussion: 1 Comment »
Whole Foods Denver - Cherry Creek is Busy!
November 25th, 2009 categories: Life In Denver
Shopping at Whole Foods in Cherry Creek can be an exercise in frustration. Trying to pick up a few last minute items there on Thanksgiving Eve is completely insane.
The store has lovely displays, great produce, hormone-free meats and amazing cheeses. It also has parking issues and high prices. Nonetheless, I find myself there at least twice a month picking up a few things that Safeway or King Soopers don’t carry.
I was there this evening. Next year, I need to plan ahead better. The time it took to get into and out of the parking lot was more time than it took to do the shopping.
I did manage to find a beautiful bouquet of flowers and picked up my favorite tuna salad with cranberries.
If you need a few quick items, you may prefer the Whole Foods on Colorado Boulevard or on Hampden Avenue - fewer parking issues. If you want to pick up some information on Denver Real Estate - read the latest article in the Denver Post. I was quoted about yesterday’s Case Shiller report and what the trends bode for our local real estate market.
Real estate sales in Denver are up from last month, prices are down just a little. The price reduction is most likely due the change in seasons from summer to fall. It’s also a reflection of what specific properties have sold.
Enjoy your holiday and stay away from the crowds on Friday!
| Discussion: 4 Comments »
Denver Colorado Real Estate | October 2009 Market Statistics
November 13th, 2009 categories: Real Estate News
I’m a little late this month with the real estate market statistics for Denver. It’s been a busy month! Good news for buyers, sellers and real estate brokers.
Denver sales continue to show bifurcated results - low to mid range homes selling like crazy, higher end homes still languishing a bit.
Inventory numbers are down from September - over 18% down. Days on market is down too, indicating increased sales rates. Inventory naturally adjusts this time of year, but sales paces have increased for some segments of the market causing further inventory reductions.
Prices are up nearly 3% from a year ago, but still we’re down from last month. That’s likely a result of the mix of homes that are selling. In other words, it’s not so much that prices have come down nearly 5% since September, but more likely that number is influenced by lower priced home sales.
Look for inventory to stay low through the holidays, which will result in pent-up demand by buyers after the first of the year. Buyers are motivated by the tax credit and they’re looking for good inventory to hit the market.
If you’re a seller, use the next few weeks to get your house in perfect showing condition, and carefully price your house when you do hit the market. If you position your home to come in first place in buyers’ minds - looking beautiful and priced very competitively - you’ll be the house that sells.
We’re in the perfect storm for a huge real estate recovery. Denver has already been at the front end of the recovery and recognized nationally as a stable place to buy a house. With interest rates remaining extremely low, prices depressed after several down years, and a tax credit for many buyers, 2010 is shaping up to be a busy year.
Last month proves it. I’ve been happily busy - but never too busy to help you find your next dream home! Start your search on my search homes website.
| Discussion: 1 Comment »
Homebuyer Tax Credit Extended
November 5th, 2009 categories: Real Estate News
The “first-time” home buyer tax credit was extended and modified today by Congress.
While there has been much debate here among Denver real estate brokers about the cost of the credit, there is no doubt that this move will help to continue to stimulate the recovering real estate market.
Homebuyers will now have two tax credits available. The original $8,000 for first time buyers - actually for buyers who haven’t owned a home in the previous 3 years. As well as a second credit available to current homeowners of $6,500. To be eligible, buyers must have lived in their current home for 5 out of the past 8 years.
The income limits for eligibility will increase to $125,000 for a single buyer and $225,000 for married couples. The maximum home purchase price will be $800,000.
The newest version was passed out of the House and the Senate today, and the bill sits on President Obama’s desk, waiting for his signature.
While the bill might be waiting overnight - don’t you wait! Get on my home search site and start house hunting. We can find you a terrific home and you’ll get your tax credit as soon as you file!
| Discussion: 2 Comments »
Help ~ We Can’t Find A Good House!
October 23rd, 2009 categories: Market Trends, Real Estate News
I’m working with a lovely family who is relocating to Denver in a few weeks. We can’t find them the right house and their move date is looming. They want to be here and settled by December.
After a 4 1/2 day marathon of 56 houses, we kind of narrowed it down to two possibilities. These buyers are looking in a fairly significant price point. Not uber high-end, but enough to buy a very nice home in a very nice location.
Theirs is the price point that’s slow in Denver, and now we’ve seen everything on the market. Either the homes were location compromised, floor plan challenged or way over priced. There are two homes they would consider, if they were appropriately priced. As it stands, after a detailed market analysis, both houses are more than $100,000 off the mark. The sellers feel they’re “in the right” and their agents have said if we wrote an offer, we’d be unreasonably low.
So we’re back to square 1. If you know of a house coming on the market, or a For Sale By Owner (FSBO) that we could take a look at, please contact me. We’re looking in Cherry Hills Village, Greenwood Village and Littleton. Preferably under $1,000,000 with 4 bedrooms plus a study and a nice-sized lot.
Thanks for your assistance. They need the keys to their new house soon!
| Discussion: 4 Comments »
Denver Colorado Real Estate | September 2009 Market Statistics
October 12th, 2009 categories: Real Estate News
In August, Denver had 20,225 active listings available on the market. In September, we were down to 19,834.
With inventory naturally shrinking as we round into fourth quarter, Buyers are left with choosing a currently available home or waiting to see what might come on the market in coming months. It’s not likely that many new properties will be listed from Halloween through the new year, and many buyers are faced with choosing between buying a home they’ve seen or waiting until after the first of the year when inventory will begin to build.
Prices are up slightly from August, and up nearly 5% since last year. From August to September 2008 our average price went down 14%, and it kept trending down for months. We’ve now begun an upward swing just when our market typically begins to cool a little.
We’re likely in for a fairly quiet winter, but not likely to see prices precipitously dropping. By early 2010, we should be well into recovery and buyers will benefit from new inventory.
The big kicker will be mortgage rates, and if (when) they begin to rise, they will rise quickly. That could put a damper on buyers’ purchasing power. If you’re a home buyer, you may not have as much to choose from today, but you know that prices and rates are still low.
Based on the increasing average price trend and shrinking days on the market, you can’t know for sure how long you’ll be on this side of low rates and low prices.
| Discussion: 3 Comments »
Earnest Money Requirements in Denver
October 4th, 2009 categories: Relocation Tips
Relocating buyers often ask how much earnest money they’ll need when they make an offer on Denver real estate.
My answer? “It depends.”
Some brokers and sellers request 3% some request 10%. Earnest money requests/requirements are entered in the MLS, so your Buyer Agent can tell you what the sellers have requested. 3% is more the norm for mid-priced homes, 10% is extremely high. However, for high end homes, closer to 10% isn’t too unusual.
What the sellers request and what the buyers provide are not always the same amount. When you prepare an offer for a property, consider how motivated you are, how strong you want to appear as buyers and how much money you want to risk.
Keep in mind that your earnest money is not at risk if you legitimately terminate the contract on inspection, appraisal or loan conditions. Make sure your broker and lender are keeping tabs on those dates.
Colorado is a very easy state to contract for purchase. We have state-mandated contracts that all real estate brokers are required to use. We close properties “at the table” in the offices of a title company (not in escrow.)
Earnest money is meant to show good faith on the buyer’s part. Plan to deposit enough to show you’re serious, but not more than you could stand to lose in the event of a default.
Looking to buy in Denver? www.GretchensDenver.com gives you access to nearly all listed properties plus the ability to map them! Bookmark the site today!
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What the Fed Wants Buyers to Do
September 24th, 2009 categories: Real Estate News
The Federal Reserve kept the Fed Funds Rate low again yesterday in their monthly meeting. This rate is used for banks as a benchmark for their overnight lending to each other, and is a short-term rate.
Mortgage rates track with the bond market, and not the Fed Funds Rate, however, conventional wisdom suggests that the Federal Reserve governors feel that inflation isn’t yet a risk, and that rates should remain low to keep the recovery moving forward.
With rates low for, “an extended period,” there should be no doubt in buyers’ minds that now is a good time to buy. When rates begin to rise, which may be as early as the beginning of next year, they will probably rise rapidly.
Your buying power will be quickly eroded if the rates go up even 1% and they will likely end up quite a bit higher than they are today. I remember buying my first house and assuming a 9% loan - we thought that was great relative to where rates had been!
Get into you lender’s office soon and find out what you could pre-qualify for. You may be surprised, and this is a great opportunity to take advantage of low housing prices.
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