Realtor Group Market Report States that Sellers are Still in Control in All Price Ranges; Sales Drop 5.52 Percent in 2018 from 2017
Home Sellers in metro Denver are still in control in all housing price ranges, except homes priced over $1 million where buyers and sellers are on equal footing, according to the December 2018 housing market report compiled by the Denver Metro Association of Realtors (DMAR). In 2018, compared to last year, the number of home sales was down 5.52 percent, while housing inventory was up 44.71 percent by year-end, according to the DMAR report. The average sales price in 2018 was $473,539 with a median of $409,900 for all residential homes, up 8.34 percent and 7.87 percent year-over-year, respec...
Plan Your Spring Landscape Maintenance Early for Best Results
It’s not too early to plan your spring landscape cleanup for maximum results. It may be January, but March and April are just around the corner. Temperatures can warm up in March and flowers and leaf buds can show signs of life. March is the time of year to prune winter-killed branches to make room for new growth. You should cut back spent perennials and pull up old annuals if you didn’t get around to it last fall. March is a good time to take stock of your yard and see it’s time to thin out crowded beds and do some transplanting to fill bare spots. Make a spring yard cleanup checklis...
Why Have Metro Denver Home Prices Risen to Lofty Heights?
Metro Denver’s rising cost of living has pushed many people out of the housing market. Some say higher incomes might explain higher home prices which are driving many buyers with mainstream incomes out of the market. People who have relocated to metro Denver from other states in the past decade earned higher incomes than those who left, according to a Denver Post report. Usually, those who have relocated to metro Denver from expensive coastal cities have found Denver’s home prices a relative bargain, but not so much today. Home prices have risen significantly, and while prices for some ...
National Association of Realtors Predicts Slower Sales and higher Prices for 2019
Realtor.com, the official website of the National Association of Realtors (NAR), predicts slower housing sales and higher prices for properties with the best value. Danielle Hale, the chief economist with Realtor.com, recently reported that despite a slowdown in metro Denver, the overall housing market will “remain on solid footing.” Hale also reported that repeat buyers are likely to drive up the median price of homes in Denver as the mix shifts away from entry-level purchases. Realtor.com is calling for a 6.7 percent decline in home sales in metro Denver while the median price of a ho...
Helpful Tips for a Grand New Year’s Eve Party
If you’re hosting a New Year’s Eve Party and want to make it very special for your guests, here are some tips and party ideas that will help make the occasion unforgettable. New Year’s Eve parties with family and friends are always full of surprises and exciting energy. To make sure your party is a fun get-together, here are some helpful tips. It’s always fun to host your New Year’s Eve party at home. It’s more intimate and you will avoid the hectic traffic and crowds. Hosting a party at home can inspire you to get creative with your planning ideas without much stress. Howeve...
Why Should You Use a Realtor When Selling Your Home?
Selling your home can be a complex undertaking. Mistakes can be very costly for a homeowner, and the time involved can be burdensome. Using a Realtor when selling a home can help you navigate every stage of the selling process, from setting a price to marketing the property and closing the sale. A Realtor can help you determine a reasonable price for your home. An experienced real estate professional can provide the latest information on the market, terms and conditions of competing properties, and recommend repairs that can enhance the value of your home. Marketing exposes your property...
Free Fall Fun in Metro Denver
There is never a shortage of free fun things to do in the fall in metro Denver. Following is just a sampling of the many things you can enjoy a grand fee of zero. Halloween parade and party on October 25 at Denver Union Station, which is transformed into “Boonion Station” for this family-friendly Halloween celebration. Your little ones will love trick-or-treating at the shops in the station, participating in a costume parade through the Great Hall and a contest with prizes for best costume and best group/family costume. There are also adult drink specials for you grown-up ghosts and gob...
Inventory Homes Rise in Metro Denver as Sales Drop and Prices Cool Off
The number of inventory homes on the market in metro Denver increased considerably last month while sales dropped and price reductions continued a cooling trend from August. Home buyers seem to be waiting for even lower prices that are forecast for the winter season. The inventory of single-family homes and condominiums available for sale at the end of August rose to 8,228, an increase of 7.65 percent from July and 11.8 percent higher than August 2017, according to the latest market report from the Denver Metro Association of Realtors. The metro Denver strong sellers’ market has experi...
Autumn in Metro Denver is filled with Great Events for the Family and Adults
Denver’s fall months are filled with some of the Mile High City’s greatest and most fun events for the entire family and adults as well, including one of the biggest beer festivals in the country and an amazing week of arts. The Great American Beer Festival will be held September 20-22 at the Colorado Convention Center. This is the nation’s premier beer festival and competition, with brewers from hundreds of breweries across the country pouring samples of thousands of beers. The Handmade in Colorado Expo showcases arts, crafts, food and music, all produced in Colorado by local arti...
Fairway Independent Mortgage Corporation Provides Full Range of Home Financing Products and Superior Customer Service as Preferred Affiliated Lender
Affiliation with high quality preferred service companies is a top priority of the nation’s leading real estate companies, and RE/MAX Masters Millennium is among the country’s best in this regard. Fairway Independent Mortgage Corporation is the preferred lender of the nation’s top producing single-office RE/MAX franchise, and Fairway established a branch office at RE/MAX Masters Millennium’s Greenwood Village headquarters last February in order to provide a broad range of home financing products that fulfill the home loan needs of the real estate company’s diverse group of home buyer...
Sizzling Metro Denver Housing Market Showing Signs of Cooling
Metro Denver’s residential real estate market is showing signs of cooling. The August Denver Metro Real Estate Market Trends Report shows both the average and median prices have recently dropped and buyer activity has slowed as inventory reaches a higher level, which is likely due to Denver’s historic rise in home prices. The median price for a home in metro Denver in July was $417,500, which was a 0.60 percent decrease from the previous month. Active listings in the residential market were at 7,643 total units in July, up 3.96 percent year-over-year. The number of sold listings decreas...
Colorado: Blessed with Many of the Finest Summer Music Festivals in the Country
Colorado features one-of-a-kind music festivals that are among the best in the country. The music festivals kick off each year in June, so hopefully you were able to attend one or more of them, such as the highly acclaimed Telluride Bluegrass Festival. If you missed any of them, no worries. There are some great festivals coming up. The Denver Underground Music Showcase is scheduled for July 6-15, and it’s the perfect place to witness Colorado and The Mile High City’s exploding music scene. The Denver Post hosts this annual bonanza in Denver’s Broadway neighborhood. Nearly every space ...
What to Know When Considering the Purchase of a Townhome versus a Detached Home
Prospective homebuyers who are trying to decide between purchasing a townhome or a detached home need to consider several factors about the advantages and benefits of each. First of all, what are the definitions of each type of home? A townhome is a single-family home joined by a common wall, usually with access to the outside and a small yard area that may be used by the unit’s residents or by the entire community. Detached houses are single-family homes built on its own lot. Traditionally, a detached home offers more privacy than a townhome and may have fewer restrictions, depending on ...
Fun Summer Attractions for Children Abound in the Metro Denver Area
There are literally hundreds of great places to take your kids in the greater Denver area, especially in the summer. We can’t list them all, but following are a few suggestions for parents who want to add a little more fun and adventure to their children’s summer break: My Gym in Arvada has developed an extraordinary program and facility devised to help children six weeks through age 13. The program helps kids develop physically, cognitively and emotionally. Children have loads of fun as they gain strength, balance, coordination, agility and flexibility while developing social skills, c...Source: re/MAX MASTERS MILLENNIUM
Housing Market in Denver Predicted to Remain Hot This Summer
Denver’s housing market has been among the top 10 real estate markets in the nation for several years in a row, and most real estate experts and Realtor organizations predict a continued hot market this summer. Denver has a 1.2-month supply of available homes, and most are sold within a 30-day time period, according to Realtor.com. Metro Denver values have increased nearly 50 percent since 2012, with price appreciation more than eight percent in 2017. The national average is at six percent. The luxury real estate market (homes priced at more than $1 million) will remain strong throughout ...
Staging Your Home to Sell Quickly this Summer
No matter how corny or contrived you think it is to put a bow round your bath towels or set the dining room table all fancy when no one is coming to dinner, staging can definitely help you sell your home faster and for the best price. Buyers decide based on the feeling they get. It’s emotional. And much of staging a home can be free. Following are some top staging tricks that will raise your staging game to a high level: One-third rule. When styling a bookcase or built-in shelving unit, think thirds. One-third of the shelving area should have books (hardcover only) distributed evenly. One...
Rising Rental Prices Make Home Ownership a Wise Alternative with the Chance for Increased Equity in the Future
As rental prices continue to rise in the metro Denver area, the decision to purchase a home rather than lining your landlord’s pocket with your hard-earned money has become the right alternative for astute citizens. Home buyers not only enjoy the pride inherent to home ownership, but also the good chance for increased equity in both the near-term and long-term. According to ApartmentList.com, the yearly rent increase is now at 4.6 percent for most of the region. RentCafe.com reports that the average rent for an apartment in Denver is over $1,500 per month, while last year’s rent prices ...
Great Hiking Just Minutes from Denver
One of the best things about living in the Mile High City is its proximity to the mountains. But just a short drive from Denver, you’ll find an array of well-maintained hiking trails ranging from easy, shady venues in Evergreen forests, to leg-burning climbs that will leave you breathless. Some favorites include: Alderfer Three Sisters Park. A mere 40 minutes from Denver and just past the town of Evergreen, the trails at Three Sisters will make you feel like you are hours away from the city. A myriad of options exist at the 770-acre park, including more than 15 miles of trails. Lots of bi...
Hiking 101: Stay Safe On The Trails
You hear the reports on television and read the articles in the newspaper about lost hikers in the wilderness. Hiking is a favorite activity in Colorado, as it is elsewhere throughout the country, and one of the primary reasons hikers get lost and injured, or worse, is the lack of preparation. Following are some helpful tips that will help hikers enjoy their adventure while staying safe: Preparation is a top priority. Whether you’re going on a long or short hike, let someone know where you are going and agree on a time to check in. Pack for a variety of scenarios, including rain, heat, in...
How to Choose a Moving Company
Choosing the right moving company can be a little tricky. You need to fund a reputable mover that is a member of the Better Business Bureau, and there are additional steps you should take that will assure you of finding a mover that is experienced, reliable, honest, and dedicated to treating your furniture and belongings with the utmost care. RE/MAX Masters Millennium can assure you of a quality move when you purchase a home through one of the leading brokerage’s real estate professionals. Home buyers will enjoy the peace of mind inherent to using a reputable mover and can be assured that...
RE/MAX Masters Millennium Partners with Richmond American Homes on Elegant Seasons Collection at Traditions
RE/MAX Masters Millennium is partnering with Richmond American Homes to market the builder’s new Seasons Collection of homes at Traditions in Aurora. Richmond American’s craftsmanship is now within reach of buyers seeking value and design excellence in an amenity-rich community. Homeowners will have access to a clubhouse with a swimming pool and enjoy close proximity to local parks and walking trails. The Seasons Collection was designed to meet the needs of wallet-conscious house hunters who value the personalization and craftsmanship of a Richmond American home. The contemporary ranch ...
Top Trends in Kitchen remodeling for 2018
What are the latest trends in kitchen remodeling and design for 2018? Some may surprise you, while others are already on your list of things to do this year. The kitchen is arguably the most important room in your home. It’s not just a place for preparing meals. It’s the room where everyone congregates during the holidays, special family occasions, and even summer barbeques since you are most likely serving the ribs, brisket, burgers, and brats buffet style. The kitchen is the focal point of the home. It’s the place that brings everyone together, and there are some very interesting tr...
What are the Pros and Cons of Tiny Houses?
Why would people buy or build a tiny house rather than purchasing an RV, even though some tiny houses can serve as an RV? There are several pros and cons to living in a tiny house, a phenomenon that has resulted in television shows that have captured the attention of prospective buyers, especially those on a very tight budget and others who simply want to be mobile. A tiny house is usually defined as a home between 100 and 400 square feet. Today’s average tiny house costs as little as $23,000, which means a lot of buyers aren’t tied to a mortgage. Tiny houses can be built on-site, or th...
Denver Food and Beverage Festivals Offer Fun for the Pallet and Tummy
Denver is packed with food and drink festivals year-round. From culinary delights to original microbrews, there’s always something to look forward to that will satisfy your pallet and tummy. Following are a few upcoming food and beverage events the entire family can enjoy: Cinco De Mayo Festival: Cinco de Mayo, Denver’s yearly tradition celebrating Mexican culture, begins with a parade of lowriders, floats and costumed dancers winding their way through downtown, and from there, it only gets better. Make your way through the maze of food and drink vendors dispensing green chile, tortas, ...
Fun Events in Denver for March
Denver is absolutely loaded with fun events for adults and the entire family. The variety of entertainment and things to do is endless throughout the year. If you need a break from the mundane, here are a few fun events in March. 2018 Denver March Powwow: The Denver March Powwow is a spectacle of over 1,000 Native American dancers representing 95 tribes from across the U.S. and Canada who gather with 35 drum groups to provide the best singing and dancing you’ll ever see. Over 180 vendor booths will fill the Denver Coliseum to the brim with authentic crafts and artwork, amazing native food...
Fine Dining in Parker Enhanced by Remarkable Variety
Parker has an expensive variety of fine dining restaurants at which to enjoy tasty cuisine, celebrate special occasions, and enjoy an evening out with your spouse or entire family. Parker’s newest addition to the historic Mainstreet is a nice renovation of the old Warhorse restaurant. The building was stripped to its original bones and transformed into the Parker Garage restaurant for foodies to enjoy from the south metro Denver area. Several reviews highlight the restaurant as serving the best burger in Parker, which is made from Colorado grass-fed, organic beef. Vines Wind Bar serves...
Winter Family Fun Opportunities Abound Throughout Colorado
There is no shortage of fun winter events for Coloradans along the Front Range and throughout the state. Winter hikes are amazing, and families, couples, and singles can enjoy dogsledding, Après ski bars, ice skating, Denver’s Botanic Gardens, and so much more. Colorado’s sun-soaked skies, powder-filled valleys, and snow-capped peaks make it a winter wonderland filled with fun things to do. There are two popular ice skating rinks in Fort Collins, and you can ice skate on Evergreen Lake just a short drive from Denver. The Downtown Denver Rink at Skyline Park at 16th and Arapahoe is f...Source: RE/MAX MASTERS MILLENNIUM
How Can You Make Your Offer on a Home Stand Out?
As home prices rise and the inventory of homes for sale shrinks, homebuyers realize that they have to adapt to a market in which sellers call the shots. Unlike shoppers at a high-end store, homebuyers in hot markets may need more than just money to get what they want. They must give sellers enough reasons to pick their offer over offers from other bidders. Get the seller to like you: Letting the seller know why you want to live in the property they once called home improves your chances of winning a bid. An old-fashioned letter can help by letting the seller know that you have some things i...Source: RE/MAX MASTERS MILLENNIUM
Home Buying and Selling Tips
If you’re a prospective homebuyer, there are several things you can do to make the buying process easier. The same is true for home sellers. As a buyer, figure out how much house you can afford. Calculate your monthly income and debt, and be sure to check your credit report and FICO score. Likewise, calculate how much you can afford for a down payment. It’s also important to get pre-approved for a mortgage, and speak to at least five lenders and mortgage brokers before choosing the type of mortgage that is best for you. And be sure to shop for the best interest rates and programs. De...Source: RE/MAX MASTERS MILLENNIUM
Real Estate Investing: Traditional vs. Airbnb
Some might say comparing an Airbnb listing and a traditional property are poles apart since one is a service and one is a product. But it is a hot question right now among interested investors. Which real estate investing strategy is better? Which is more profitable? Airbnb means you may not be in check with the law. Avoid violations by understanding your city’s laws and restrictions on short-term renting. If you’re renting out a property and then subletting it on Airbnb travelers, you could be breaking the law and get evicted. Many cities require you to register or get a permit or lice...Source: RE/MAX MASTERS MILLENNIUM
Tips for Safe Winter Driving
Severe weather can be both frightening and dangerous for automobile travel. Motorists should know the safety rules for dealing with winter road emergencies. Following are a few tips that will help you drive and stay safe on snow and ice. Make sure your tires are properly inflated, and never mix radial tires with other types. Do not use cruise control when driving on any slippery surface. Watch weather reports prior to a long-distance drive or before driving to isolated areas. Delay trips when especially bad weather is expected. If you must leave, let others know your route, destination, and...Source: RE/MAX MASTERS MILLENNIUM
Should You Make a Higher Down Payment on a House?
Should You Make a Higher Down Payment on a House? It is common for homebuyers to purchase homes with minimum down payment loans. Five, three, and zero percent down have become popular, especially with first-time homebuyers. But for those interested in achieving financial independence, you might want to rethink minimum down payment loans. This is even more important than the question of taking a 15 or 30 year mortgage. By making a 20 percent down payment on a house, you open up all kinds of financial benefits that will help you in buying a home, and keep your payment to a minimum when you...Source: RE/MAX MASTERS MILLENNIUM
Family Fun and Charity Events for Thanksgiving
Metro Denver is blessed with a wealth of fun family events and charitable endeavors that provide the perfect opportunity to help those less fortunate by volunteering your time and effort during the holiday season. Following is just a sampling of events for the whole family and charitable endeavors designed to make Thanksgiving 2017 more pleasant and hopeful for those in need. The 43rd Annual Mile High United Way Turkey Trot is scheduled for Thanksgiving Day, November 23rd at Washington Park. The four-mile race and quarter-mile family fun run is expected to host over 10,000 participants in s...Source: Re/MAX MASTERS MILLENNIUM
Learn More about Your Mortgage Loan Options Before Buying
What are the different types of loans available to home buyers in 2017, and what are the pros and cons of each? It’s important to know about your loan options before buying, and then consult with your real estate agent about each and meet with a reputable mortgage loan bank or institution if you have more questions. There are many types of mortgages available to home buyers. Following are a few and a brief explanation of each: Option 1: Fixed versus Adjustable Rate: As a borrower, one of the first choices is whether you want a fixed rate or an adjustable rate mortgage loan. All loans f...Source: Re/MAX MASTERS MILLENNIUM
Best Places in Colorado to Own a Rental Property
What are some of the best places in metro Denver and the Rocky Mountains to own a rental property? According to Forbes Magazine, the best deals for rental properties, which are also among the best investment properties, are in the following areas in metro Denver. Adams County, Boulder County, and Larimer County (Fort Collins) all have a growing computer technology industry which are also driven by universities in Boulder and Fort Collins. This, coupled with an outdoor lifestyle, has attracted a young population in these areas, which include a population of renters. The healthcare industry, ...Source: RE/MAX MASTERS MILLENNIUM
Preparing Your Home for the Winter Market
Fall and winter have traditionally meant a slower residential real estate market. Leaves have fallen from the trees and shrubs, lawns are dormant, and flower gardens no longer burst in brilliant colors. But there are several things that you can do to prepare your home for the market in the fall and winter seasons, and most are very simple. First, clean up your yard or have it done by a professional. Rake dead leaves and debris from your lawn, and don’t let overgrown vegetation block the windows or path to the entrance. Cutting bushes and tree limbs will let the sun inside and showcase the...Source: Re/MAX MASTERS MILLENNIUM
Is Now the Time to Buy as Rents and Interest Rates Rise?
Buying a home is now more affordable than renting in most places, according to the ATTOM Data Solutions 2017 Rental Affordability Report, which analyzed data from 540 counties nationwide. Buying a home is the more affordable housing option in 66 percent of the country’s markets. The potential for rising interest rates is also a good reason to buy a home now. Buying a home is often recommended over renting in the long term because your mortgage payments build equity in your home, which you will eventually own. Your rental payments, on the other hand, simply line your landlord’s pocket. I...Source: RE/MAX MASTERS MILLENNIUM
Simple Ways to Improve Your Credit Score
If your credit score is less than desirable, or even terribly low, there are several ways to improve your score if you’re willing to take the time. Credit score repair begins with your credit report, so request a free copy from all credit reporting services and check it for errors. Check to make sure that there are no late payments incorrectly listed for any of your accounts and that the amounts owed for each account are correct. If you find errors, dispute them with the credit bureau. Credit scores take into account years of past transactions, not just your present actions. First, you...Source: RE/MAX MASTERS MILLENNIUM
Benefits of Owning an Investment Property
There are up sides and down sides to owning an investment property, but those who do their homework and give their investment property the attention it needs can reap big dividends. Following are some benefits to investing in an income property: You are the boss of the income property. You choose the property to invest in, what tenant you will rent to, how much you will charge in rent, and how you will manage and maintain the property as a whole. In the average job, you are subject to the wishes of your boss and the company infrastructure in general, such as a dress code. As your own boss, ...Source: RE/MAX MASTERS MILLENNIUM
Denver Area is Rich in Fun Fall Activities for the Kids
Colorado’s brilliant fall season is in full swing. Trees and shrubs are undergoing an amazing metamorphosis into colorful hues of gold, red, orange and yellow, and fall is the perfect time for families to enjoy this special season. One of the most popular attractions is the Cool Corn Maze and Pumpkin Festival at the Denver Botanic Gardens at Chatfield Farms. The Corn Maze is a seven-acre parcel that is open at various times on Friday and Saturday through October 29th. Located at 8500 W. Deer Creek Canyon Road in Littleton, the Corn Maze and Pumpkin Festival is a treasured tradition f...Source: Lierle PR
How to Choose the Right Realtor for You
Choosing the right Realtor can make a world of difference when buying or selling a home. From their market expertise to negotiation and communication skills, a good real estate professional can make a transaction seamless and rewarding for all parties. Experience with the local market is critical, including the area and price range you’re interested in. The agent should be familiar with the homes for sale, demographics, schools, and neighborhood amenities. Negotiation skills are also a key attribute of a good real estate agent. They should be able to assist with property inspections an...
Is Staging Your Home for the Market Really Worth it?
Many real estate agents are convinced that staging your home for the market is worth the time and money. However, a recent academic study shows that staging might not be as important as many Realtors believe, and staging might not raise the home’s sales price. The study surveyed 820 homebuyers, walking them through a series of six virtual tours of a single home. Each tour focused on either wall color or furnishings, which are two of the most important staging elements, according to most experts. In one virtual tour, the buyers saw the home without furniture. In another virtual tour, they ...Source: RE/MAX MASTERS MILLENNIUM BLOG ARTICLE
Enjoy Every Last Ray of Sunshine with These Family-Fun Late Summer Activities
Summer is coming to an end, but there’s still time to enjoy every last ray of sunshine with your kids by participating in a wealth of late summer activities that the whole family can enjoy, and many are simple and very affordable. Families can play tag, play miniature golf, or ride the roller coaster at Elitch Gardens. You can pick berries at one of rural Denver’s numerous produce farms, or attend a late summer farmer’s market. It’s always fun to roast marshmallows over an open fire and make s’mores, eat a big juicy watermelon, or make home-made ice cream, which has become a lost ...Source: RE/MAX MASTERS MILLENNIUM BLOG ARTICLE-
Walkable Areas Are Getting More Competition
Older Americans are placing a higher value on living in walkable urban centers, according to a new survey of 1,000 respondents nationwide about their living preferences A majority of respondents surveyed by A Place for Mom, a national referral service, said it was “very important” or “somewhat important” to live in a walkable neighborhood. They also sought neighborhoods with low crime and those that are close to family. “It’s time to abandon the idea that only millennials and Generation X care about walkability and the services available in dense urban neighborhoods,” says ...Source: NAR READ MORE
Pending Home Sales Recover in June, Grow 1.5 Percent
WASHINGTON (July 31, 2017) — After declining for three straight months, pending home sales reversed course in June as all major regions, except for the Midwest, saw an increase in contract activity, according to the National Association of Realtors®. The Pending Home Sales Index*, www.nar.realtor/topics/pending-home-sales, a forward-looking indicator based on contract signings, climbed 1.5 percent to 110.2 in June from an upwardly revised 108.6 in May. At 0.5 percent, the index last month increased annually for the first time since March. Lawrence Yun, NAR chief economist, says the bo...Source: NAR
Homes in Denver Metro Area Surpass $410,000 Median Sales Price
Across all of Colorado, there are 30 percent fewer homes for sale across state than one year ago. Active and new listings rise but strong sales, low inventory continue to shape seller’s market. Key findings from the June 2017 research report include: Peak summer housing market sees median sales prices for single family homes in the metro region, as well as statewide, increase to new record highs. Median sales price for single family homes in the Denver metro region rose to $411,000 while statewide that number hit $370,000. Despite active listings increasing 13 perce...Source: CAR READ MORE
Americans Think Buying a Home Is a Good Financial Decision, 2017 Survey Says
NAR’s twelfth Housing Pulse Survey shows a vast majority of Americans believe that buying a home is a solid financial decision, and most believe that homeownership helps create safe, secure, and stable environments. The survey, which measures consumers’ attitudes and concerns about housing issues, found that building equity and preparing for retirement are the top financial reasons for buying a home. Yet six in 10 say that they are concerned about the cost to buy a home or high rent prices in their area. The telephone survey of 1,500 adults nationwide in the 25 most populous metropol...READ MORE
CFPB Final Rule Clear on Ability to Share Closing Disclosures
On July 7, 2017, the Consumer Financial Protection Bureau (CFPB) released the final rule amending the “Know Before You Owe” (KBYO or TRID) mortgage disclosure rule. As advocated for by NAR, the final rule clarifies the ability to share the Closing Disclosure (CD) with third parties - a victory for real estate professionals nationwide. As outlined in the 2016 proposed rule, the final rule highlights an existing exception within the Gramm-Leach-Bliley Act (GLBA) and implementing Regulation P that allows lenders to share the CD with third parties (sections 502(e)(1) and 509(7)(A)). The CFP...Source: NAR READ MORE
Denver metro home prices up more than 11 percent so far in 2017
DENVER – Housing inventory in the Denver metro area continued to increase last month but so did home prices as the luxury real estate market saw another month of strong growth. The median sale price of all residential properties – both single-family homes and condos – was $389,000 in June, according to the latest data from the Denver Metro Association of Realtors. That’s 2.09 percent higher than the month before and 6.85 percent higher than the same time last year. Since January, the median sold price has increased 11.14 percent. It was another particularly great month for the ...Source: Denver News
Why Is Denver's Housing Market Still On Fire?
It's summer. The days are longer. The daffodils are and cherry blossoms are blooming. And real estate agents are about to get a whole lot busier. Summer is normally a busy home buying and selling season, but there's nothing normal about Denver's real estate market, which is still rocketing along. The question is, why? The inventory of existing homes for sale is at historic lows. What’s driving that? It’s basically supply and demand. If you look at the charts, what you see is that we’re seven years past our downturn. We peaked, and then we were down for a couple of years, and for s...Source: Cpr.org
Rent or Buy?
When searching for a home, deciding whether to rent or buy can be a daunting task. The choice is one of the biggest decisions that many adults make in their lives. Many younger people have been renters for most of their adult lives, which makes the leap into homeownership a difficult one. The costs of buying can vary more than renting, but there are many hidden costs that can be overlooked, making the process very complicated for first-time buyers. Before making the decision to rent or buy, it is wise to look into the advantages and disadvantages of both to see which option fits with you...READ MORE
What to expect when you're inspecting
Here’s a guide to each player's roles and responsibilities during a typical property inspection. If you’re a first-time buyer who just nabbed your first place, you’re likely in one of the scarier places in the real estate transaction. Before choosing paint colors, you’ll need to inspect. If you’re feeling nervous, you’re not alone. The property inspection is one of the most important parts of the home purchase process, yet many buyers don’t know what to expect. Here’s a guide to the roles and responsibilities each of the players has during a typical property inspection...Source: Zillow
Denver housing market: Small supply of homes that sell quickly
Denver's housing market last month can be summed up thusly: There were a small number of homes for sale, and homes sold very quickly. Denver's housing market mirrors a national trend: According to Colorado-based real estate company Re/Max Holdings Inc., there is "ever-tightening inventory coupled with increased prices" across the country. The shortage of homes for sale is clearly evident in Denver: There was only a one-month supply of homes for sale Denver last month, and Re/Max said that six months is considered a normal market, "balanced equally between buyers and sellers." Denver trai...Source: Biz Journals READ MORE
Impact of Tax Reform Options
The National Association of REALTORS® (NAR) engaged PwC to review the impacts of an illustrative comprehensive tax reform option that would lower and consolidate marginal tax rates to three rates with a top rate of 33 percent, double the standard deduction, eliminate all itemized deductions other than charitable contributions and mortgage interest, eliminate the Alternative Minimum Tax, and cap the tax rate on pass-through business income at 25 percent. Homeowners with an adjusted gross income (AGI) between $50,000 and $200,000 would see an average annual tax increase of $815. Non-homeowne...Source: NAR READ MORE
5 Tips For Attracting Referrals
Real estate professionals need to overcome any fear of appearing needy or feeling like they’re imposing on others when they ask for business. However, it’s important to approach the situation with tact. Marketing expert and business strategist Marc Gordon has five tips. •Don’t be shy. A simple straightforward face-to-face ask can be very effective. Here’s what Gordon suggests: "As you know, in my business referrals are everything. If you know someone who you think could use my help, please pass my name along." •Show your appreciation. Staying in touch and connecting with past cl...Source: realtormag.com READ MORE
Home Sellers Are Pocketing More Money
Homeowners who sold in the first quarter realized an average price gain of $44,000 since purchase. That represents an average 24 percent of return on the purchase price, which is the highest average price gain for home sellers in terms of both dollars and percent returns since the third quarter of 2007, according to ATTOM Data Solutions’ First Quarter 2017 U.S. Home Sales Report. “The first quarter of 2017 was the most profitable time to be a home seller in nearly a decade, and yet homeowners are continuing to stay put in their homes longer before selling,” says Daren Blomquist, senio...Source: realtormag.com READ MORE
Urgency Increases for First-Time Buyers
New buyers are gradually increasing their stake in the housing market. First-timers comprised 32 percent of existing-home sales in March, up from 30 percent a year ago and 29 percent in 2014. The looming threat of interest rate increases may be prompting more buyers to enter the market this year. But also, sustained job and income growth is playing a role, according to last month's REALTORS® Confidence Index. The aging of the millennial generation may also be modestly increasing buying behavior; the report notes that first-time buyers are most likely to be between the ages of 25 and 34. ...Source: NAR READ MORE
Removing that wall isn't so easy
Design TV shows suggest - Just remove a wall or two and you have the open floor plan you’ve always wanted. But not so fast. Tearing down a wall could open up a host of other problems—some structural, if not done properly. It could also prove unexpectedly costly. To hire a professional contractor to remove a wall could cost you anywhere from $500 to $4,000, according to HouseLogic.com. To that cost, you’ll likely want to add a structural engineer to design a customized plan for removing the wall. “You’ll then get the peace of mind of knowing that you’re not going to do serio...Source: realtormag.com READ MORE
Give More Girls with RE/MAX Masters Millennium Host Spring Event Benefiting James Resource Network
Give More Girls with RE/MAX Masters Millennium Host Spring Event Benefiting James Resource Network GREENWOOD VILLAGE – The “Give More Girls,” a group of Broker Associates and support personnel with RE/MAX Masters Millennium of Greenwood Village, held its annual spring charity event to benefit the James Resource Network on Tuesday, March 28, 2017 at Nonna’s Italian Bistro in Centennial. The spring committee of the Give More Girls includes Lisa Mooney, Dawn Sena, and Peggy Talbot, who collectively organized the event that helped gather donations encompassing a variety of items need...Source: Lierle Public Relations
RE/MAX Masters Millennium Garners Prestigious Sales Award as Top Producing Office Nationally in 2016
RE/MAX Masters Millennium Garners Prestigious Sales Award as Top Producing Office Nationally Prolific Greenwood Village Company tops all Single Office RE/MAX Franchises in the Country for Total Closed Sales Volume in 2016 GREENWOOD VILLAGE – RE/MAX Masters Millennium of Greenwood Village has been recognized as the top producing single-office RE/MAX franchise in the nation for total closed sales volume in 2016. This is the fourth consecutive year that RE/MAX Masters Millennium has garnered the coveted award. RE/MAX Masters Millennium Managing Broker and owner James T. Wanzeck received th...READ MORE
Existing-Home Sales Stumble in February
WASHINGTON (March 22, 2017) — After starting the year at the fastest pace in almost a decade, existing-home sales slid in February but remained above year ago levels both nationally and in all major regions, according to the National Association of Realtors®. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, retreated 3.7 percent to a seasonally adjusted annual rate of 5.48 million in February from 5.69 million in January. Despite last month's decline, February's sales pace is still 5.4 percent above a year ago...Source: NAR READ MORE
Real Estate This Spring: The Early Bird Wins
Entering real estate’s traditionally busiest time of year, the housing market is being buoyed by a stronger economy and consumer confidence. Job creation is 30 percent stronger this year compared to a year ago, unemployment is near a 9-year low, and wages and incomes are growing at the largest levels in about eight years, notes Jonathan Smoke, realtor.com®’s chief economist. Some buyers are in more of a hurry this season too. In the last two weeks, the 30-year fixed-rate mortgage rose by nearly a quarter of a point. The Federal Reserve also has given strong indication that it plans to ra...Source: realtormag.com READ MORE
Millennials Flood FHA Loans in January
Millennials are becoming a powerhouse in the real estate market, accounting for 84 percent of closed loans in January. And they’re increasingly turning to Federal Housing Administration loans, those that offer low down payment options, to achieve homeownership. In January, 35 percent of millennials used an FHA loan, according to Ellie Mae’s Millennial Tracker. “As the purchase market heats up, we will continue to watch the FHA purchase trend amongst millennials,” says Joe Tyrrell, executive vice president of Corporate Strategy for Ellie Mae. “It is not surprising to see millennial ...Source: “Millennials Leverage FHA Loans in January,” RISMe READ MORE
NAR Identifies Growing Rift Between Housing Availability and Affordability
Existing-home sales are forecast to expand 1.7 percent in 2017, but a new housing affordability model created jointly by the National Association of Realtors® and realtor.com®, a leading online real estate destination, operated by operated by News Corp, suggests homebuyers at many income levels could see an inadequate amount of listings on the market within their price range in coming months. Using data on mortgages, state-level income and listings on realtor.com®, the Realtors® Affordability Distribution Curve and Score is NAR and realtor.com®'s new ongoing monthly research designed to e...Source: NAR READ MORE
Swift Gains in Fourth Quarter Push Home Prices to Peak Levels in Majority of Metro Areas
WASHINGTON (February 9, 2017) — The best quarterly sales pace of the year pushed available housing supply to record lows and caused price appreciation to slightly speed up in the final three months of 2016, according to the latest quarterly report by the National Association of Realtors®. The report also revealed that sales prices in over half of measured markets since 2005 are now at or above their previous peak level. The median existing single-family home price increased in 89 percent of measured markets, with 158 out of 178 metropolitan statistical areas 1 (MSAs) showing sales price ga...Source: NAR READ MORE
44% of Markets Zoom to Record Price Highs
Among 201 metro areas with populations of at least 200,000, 89 of those metros – or 44 percent – reached new all-time home price peaks in 2016, according to new data released by ATTOM Data Solutions. Notably, markets reaching new price highs included: Dallas-Fort Worth, Texas: $230,571 Houston, Texas: $214,795 Atlanta, Ga.: $181,000 Boston, Mass.: $390,000 San Francisco: $720,000 Several Ohio markets – Dayton, Columbus, and Cincinnati – also saw new all-time home price peaks reached in 2016.“Much of this is due to a growing economy and the shift from a ma...Source: NAR READ MORE
Water Bills Are Set to Go Even Higher
The percentage of U.S. households who find their water bill unaffordable could triple over the next five years, growing from 11.9 percent to 35.6 percent, according to a new study by the Michigan State University. Further complicating the issue, water utility companies may face a surge in defaulting bills that will make it more difficult for them to cover their own costs, which will lead to even higher bills to customers then. Water costs have surged 41 percent since 2010. If costs continue to escalate, a third of the population won't be able to afford their water bills in five years, acco...Source: NAR READ MORE
Colorado median sales prices rise 10 percent in 2016
While the average price of a Colorado home remained flat in December 2016 at $315,000, buyers and sellers experienced a 10 percent increase in the median sales price over the course of the year, according to the latest statewide housing report from the Colorado Association of REALTORS® (CAR). With a median sales price of $287,000 in December 2015, the past year featured a shrinking housing inventory punctuated by the lowest number of new listings in December 2016, and continued strong demand from a growing Colorado population. All of these elements shaped a consistent theme for the 2016 Color...Source: CAR READ MORE
Mortgage Rates Start the Year Lower
Borrowing costs moved lower this week. But most economists aren’t predicting the trajectory to continue. This marked the first time in 10 weeks that mortgage rates moved lower, Freddie Mac reports. "The 30-year mortgage rate fell this week for the first time since the presidential election, dropping 12 basis points to 4.20 percent,” says Sean Becketti, Freddie Mac’s chief economist. “This marks the first time since 2014 that mortgage rates opened the year above 4 percent. Despite this week's breather, the 66-basis point increase in the mortgage rate since November 3 is taking its toll ...READ MORE
More Equity Likely Coming to Owners
Spread the news to your seller contacts sitting on the fence: Home prices nationwide, including distressed sales, rose year over year by 7.1 percent in November 2016 compared to November 2015, CoreLogic’s Home Price Index shows. Expect more price jumps ahead too, although at a more modest pace. Home prices likely will increase by 4.7 percent on a year-over-year basis from November 2016 to November 2017, according to CoreLogic’s forecasts. “Last summer’s very low mortgage rates sparked demand, and with for-sale inventories low, the result has been a pickup in home-price growth,”...Source: corelogic READ MORE
Existing-Home Sales Forge Ahead in November
WASHINGTON (December 21, 2016) — A big surge in the Northeast and a smaller gain in the South pushed existing-home sales up in November for the third consecutive month, according to the National Association of Realtors®. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 0.7 percent to a seasonally adjusted annual rate of 5.61 million in November from a downwardly revised 5.57 million in October. November's sales pace is now the highest since February 2007 (5.79 million) and is 15.4 percent higher than a ...Source: NAR READ MORE
Predictions Roll in: 2017 Housing Forecasts.
NAR is predicting existing-home sales to reach 6 million in 2017, higher than its 5.8 million forecast for this year. But other entities are even more bullish. MBA is predicting home sales to eclipse 6.5 million next year, while Fannie Mae and Freddie Mac are both predicting 6.2 million. A huge wave of Generation Yers, who have delayed home buying, are emerging into their key buying years. They are predicted to keep home sales and condo sales strong well into 2020, according to economists. The top markets for price appreciation likely will be in Seattle, Wash.; Portland, Ore.; Denver, Colo....Source: NAR READ MORE
REcolorado and SMDRA congratulate Chair and Vice Chair for 2017
REcolorado and South Metro Denver Realtor Association want to congratulate Jim Wanzeck and Alan J. Smith for being elected as REcolorado's Chairman and Vice Chairman of the Board for 2017! REcolorado.com was recently nominated by Inman as the Most Innovative MLS. It is because of our great leadership, employees and subscribers that we are able to deliver top of the class products, services and customer care. We are excited to see what the new year has in store for Colorado real estate and look forward to exceeding expectations as a valued business partner! Also pictured Mary Ann Hinrichse...Source: SMDRA READ MORE
10 Housing Markets With the Best Bargains
Home prices are rising in most areas, but a few large metro areas are seeing some big price reductions that may be opening the door to some home buyers this winter. “Despite the fact that home prices are now setting new records in most of the country, price reductions on listed homes are quite common,” says Jonathan Smoke, realtor.com®’s chief economist. “A price reduction can happen for lots of reasons, including adjusting an unrealistic initial price, a new sense of urgency, or motivation by a seller, or declining market trends.” Realtor.com®’s research team analyzed 300 of t...Source: NAR READ MORE
Shrinking Inventory Driving Factor in Colorado Markets
While the median sales price for single-family homes and townhouse/condominium units between Sept-Oct 2016 remained relatively flat, $337,000 and $252,000 respectively, a shrinking inventory of active listings across the state continues to play a significant role in the overall housing market, according to CAR. With 7,127 new single-family home listings in October and 2,200 new listings for townhouse/condos in the month, the overall active listings for each category are down more than 30 percent from their July peaks (see the chart below). Overall, there were 23,327 homes on the market in Oc...Source: CAR READ MORE
Existing-Home Sales Jump Again in October
Existing-home sales ascended in October for the second straight month and eclipsed June's cyclical sales peak to become the highest annualized pace in nearly a decade, according to the National Association of Realtors®. All major regions saw monthly and annual sales increases in October. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, grew 2.0 percent to a seasonally adjusted annual rate of 5.60 million in October from an upwardly revised 5.49 million in September. October's sales pace is 5.9 percent above a ye...Source: NAR READ MORE
More Tiny Homes are Coming
Tiny homes are still mostly illegal in the majority of the country since they don’t tend to meet municipalities’ zoning and building standards. But more cities are looking to change ordinances to pave the way for entire tiny home neighborhoods. Tiny homes are usually between 200 to 600 square feet. They can be on wheels or on a foundation. They tend to be more affordable than traditional homes. However, the growing movement of tiny homes is often centered more on the idea of simplifying your life and even sustainability. Tiny home neighborhoods are springing up in areas like Texas, Flori...Source: NAR READ MORE
IPX 1031 Exchange Seminar
Tracey Wilson, CES, IPX 1031 Exchange, gave our office a very informative class on 1031 Exchange Rules and Client Assurances. ...Source: IPX Investment Property Exchange Services, Inc. READ MORE
Shrinking Inventory Driving Factor in Colorado Markets
Single family and townhouse/condo listings down more than 30 percent since July peak. While the median sales price for single-family homes and townhouse/condominium units between September and October 2016 remained relatively flat, $337,000 and $252,000 respectively, a shrinking inventory of active listings across the state continues to play a significant role in the overall housing market, according to the latest statewide housing report from the Colorado Association of REALTORS®. With 7,127 new single-family home listings in October and 2,200 new listings for townhouse/condos in the mont...Source: Colorado Association of Realtors READ MORE
9 Global Trends That May Affect Your Market
Sometimes it's obvious how global shifts can rock the real estate industry world-wide, such as when the Brexit vote caused British investors to pull back due to a falling pound this summer and fall. Other signs are subtler. And as Carla Rayman, CIPS, e-PRO, GRI, told attendees at a session analyzing shifts in the global real estate market at the 2016 REALTORS® Conference & Expo in Orlando, Fla. on Saturday, some are even quite sweet. “Look for the macaroons and market to the French,” she advised. She explained that one of the ways French citizens find to emigrate is by opening shops feat...Source: NAR READ MORE
RE-Elected REcolorado Chair
James T. Wanzeck of RE/MAX Masters Millennium Re-Elected Chairman of REcolorado GREENWOOD VILLAGE – James T. Wanzeck, Managing Broker and owner of RE/MAX Masters Millennium of Greenwood Village, has been re-elected Chairman of REcolorado, the largest Multiple Listing Service in Colorado. REcolorado delivers reliable, updated property listings for one of the country’s most dynamic markets, and it is the best source for homes for sale in metro Denver and surrounding areas for pertinent, comprehensive real estate information. “I am pleased to serve a second term as Chairman of REco...Source: Doug Lierle READ MORE
Douglas Hauck of RE/MAX Masters Millennium Earns CRS-Pro Designation from Council of Residential Specialists
GREENWOOD VILLAGE – Douglas A. Hauck, a leading Broker Associate with RE/MAX Masters Millennium of Greenwood Village, has earned the CRS-Pro designation from the Council of Residential Specialists (CRS), an affiliate of the National Association of Realtors. CRS recognizes those agents who have a proven track record of success in residential real estate by giving them the opportunity to earn the prestigious CRS designation under the Pro-Program. To qualify for the CRS Pro-Program, Realtors must be licensed in real estate for a minimum of 10 years, be a member of the Council of Residentia...Source: Doug Lierle
Haunted Mansion for Sale
Some home sellers and real estate professionals are using Halloween to market the “haunted home” reputation of their listing. A remodeled 5,000-square-foot home featuring five bedrooms and three baths on the water in Long Island, N.Y., is for sale. The home was featured in the “Amityville Horror” movies. This home was originally listed for $1.15 million a few years ago but has since been re-listed for $850,000. In Detroit, buyers can purchase a former mental asylum, which also comes with a bakery, fire department, and its own ZIP code. The cost is $1.5 million for the Eloise area, whic...READ MORE
First-time Buyers Steer Existing Home Sales
Existing-home sales rebounded strongly in September and were propelled by sales from first-time buyers reaching a 34 percent share, which is a high not seen in over four years, according to the National Association of Realtors®. All major regions saw an increase in closings last month, and distressed sales fell to a new low of 4 percent of the market. Total existing-home sales 1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, hiked 3.2 percent to a seasonally adjusted annual rate of 5.47 million in September from a downwardly revised ...Source: NAR READ MORE
Study of home buyers and sellers over the past 35 years
When the first Profile of Home Buyers and Sellers was introduced 35 years ago by the National Association of Realtors®, mortgage rates were over four times higher than they are today and first-time buyers made up a much larger share of overall sales (44 percent). Over time, homebuyer tastes and behaviors have changed, yet many have stayed the same. In anticipation of the 2016 survey release on October 31, NAR has identified five noteworthy real estate trends since the survey’s inception. NAR’s Profile of Home Buyers and Sellers dates back to 1981 and is the longest-running series of na...Source: NAR READ MORE
What Really Makes Sellers Want to Move?
Home owners entering the market are motivated to sell desiring either an upgrade or a downsized home, finds a new survey conducted by realtor.com®. Home owners looking to move due to retirement or to lower their cost of living were the two biggest increases this year in realtor.com®’s survey revealing sellers' top motivations. “This is a good sign that more home owners may be motivated in the year ahead to sell their homes,” writes Jonathan Smoke, realtor.com®’s chief economist, in a recent column about inventory challenges plaguing markets. “A lack of inventory has been the bigg...Source: realtor.com READ MORE
Predictions Roll in: 2017 Housing Forecasts
NAR is predicting existing-home sales to reach 6 million in 2017, higher than its 5.8 million forecast for this year. But other entities are even more bullish. MBA is predicting home sales to eclipse 6.5 million next year, while Fannie Mae and Freddie Mac are both predicting 6.2 million. A huge wave of Generation Yers, who have delayed home buying, are emerging into their key buying years. They are predicted to keep home sales and condo sales strong well into 2020, according to economists. The top markets for price appreciation likely will be in Seattle, Wash.; Portland, Ore.; Denver, Colo....Source: NAR READ MORE
Do You Need Your Air Ducts Cleaned?
Do you really need to pay good money to have your air ducts cleaned? The short answer is “probably not.” Of course, there are always exceptions to the rule. Both the EPA and the National Air Duct Cleaners Association recommend professional duct cleaning if you have mold growth, vermin (vermin!), or excessive amounts of dirt and debris in your ducts.Another situation that calls for cleaning, says EPA spokesman Mark MacIntyre, is right after lead paint remediation. “You wouldn’t want to have that being dispersed into the house when you turned on the heat.But before you decide not to, t...Source: Houselogic READ MORE
Homes getting more affordable
Housing affordability may finally be showing signs of improvement, according to a new analysis of American Community Survey data. About 33.6 percent of households were cost-burdened in 2015, which means they spent more than 30 percent of their incomes on housing costs. That's down from 34.6 percent a year earlier, according to Jed Kolko, chief economist at job site Indeed, and senior fellow at the Terner Center for Housing Innovation at the University of California, Berkeley. Low mortgage rates are one factor helping to improve affordability. Renters are also seeing improvement, which may b...Source: Wall Street Journal READ MORE
Sale and Contract Prices per Square Foot in 2015
Looking at single-family homes started in 2015, the median prices, excluding improved lot values, range from $168 per square foot for contractor-built homes in the Pacific division to $78 per square foot for speculatively built homes in the East South Central division. At $168 per square foot, new contractor-built single-family homes in Pacific are the most expensive to build exceeding the national average of $105 per square foot by 60%. Per square foot costs exclude the cost of developed lot, so highly variant land values cannot explain the regional differences in per square foot costs. Howe...Source: NAHB READ MORE
Top Mistakes made by first-time homebuyers
Becoming a first-time homebuyer is an exciting and often complex process. Summer is the busiest season for home sales, and new shoppers can easily get caught up in the thrilling pursuit of their dream home, which often leads to overlooking potential problems along the way. Cosmetic upgrades such as granite counter tops, outdoor pools, raised vegetable gardens and spa bathtubs can camouflage some serious red flags and easily lead a new homebuyer to overspend or overlook structural issues. The key to being a savvy first-time homeshopper is recognizing some common mistakes, understanding where ...Source: Inman READ MORE
Existing-Home Sales Lose Steam in July
Slowed by frustratingly low inventory levels in many parts of the country, existing-home sales lost momentum in July and decreased year-over-year for the first time since November 2015, according to NAR . Only the West region saw a monthly increase in closings in July. Total existing-home sales 1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 3.2 percent to a seasonally adjusted annual rate of 5.39 million in July from 5.57 million in June. For only the second time in the last 21 months 2, sales are now below (1.6 percent) a year ag...Source: NAR
Median Sales Price for Homes Drops in July
The median sales price of a single-family home in Colorado dropped 3 percent to $336,000 from June to July of this year, the first reversal in what had been steadily rising prices since November 2015. Condominium/townhouse prices also dropped 3 percent to $240,000, the first decline since January. Compared to July 2015, however, single-family median prices were up 8 percent and condominiums/townhouses up 12 percent....Source: Colorado Association of Realtors READ MORE
Condo Builders Put on Brakes Fearing Lawsuits
Some condo developers are entering new projects cautiously or refraining from them altogether due to the growing threat of litigation for potential construction defects that are making some projects difficult to finance. The problem is particularly hitting a head in Colorado. In Denver, a lack of condo construction has caused lawmakers and affordable housing activists to push for changes to the state’s construction defects law to urge more condo construction. Lawmakers in Texas and Nevada also have approved legislation that is aimed at curbing such litigation....Source: Wall Street Journal READ MORE
4 Common Home Buyer Oversights
Buyers on the hunt for the perfect home often overlook common issues that could cost them thousands of dollars and give them buyer's remorse later on. As their real estate professional, your guidance can help clients focus on these four often-forgettable things during their house hunt: Not taking into account all of the expenses of home ownership: “People focus so much on mortgage payments and closing costs,” says Brendon DeSimone, author of “Next Generation Real Estate. “What they don’t realize, until after the fact, is that there are expenses like oil or propane and landscaping ...Source: “6 Things Home Buyers Forget to Do: Did You Forget READ MORE
AddThis Sharing Buttons Share to FacebookShare to TwitterShare to LinkedInShare to Google+Share to EmailShare to Print News Releases Pending Home Sal
Pending home sales were mostly unmoved in June, but did creep slightly higher as supply and affordability constraints prevented a bigger boost in activity from mortgage rates that lingered near all-time lows through most of the month, according to the National Association of Realtors®. Increases in the Northeast and Midwest were offset by declines in the South and West. The Pending Home Sales Index, a forward-looking indicator based on contract signings, inched 0.2 percent to 111.0 in June from 110.8 in May and is now 1.0 percent higher than June 2015 (109.9). With last month's minor improvem...READ MORE
Strangest Real Estate Ad-Ons
Some items should not be included in a home sale. But that hasn’t stopped some home sellers from trying to unload some unwanted items – or things – from snow machines to even the family dog anyway. Realtor.com® recently featured some of the most bizarre items that home sellers have tried to sell with their home. Pets: Trying to give away Fido during a home sale apparently isn’t that uncommon. Glenn S. Phillips, CEO of Lake Homes Realty, recalls buying his first home with the seller offering his little black dog in the deal too. Phillips bought the home and took the little dog too, ...READ MORE
7 Healthiest Cities in the U.S.
How physically fit is your city? NerdWallet analyzed the 50 largest metros in the U.S. to find the ones that are the most physically fit. To arrive at its rankings, NerdWallet factored in the percentage of residents at a healthy weight, percentage of residents who take part in physical activity, and additional data from the American Fitness Index. 1. Boston-Cambridge-Quincy, Mass. 2. San Francisco-Oakland-Fremont, Calif. 3. Portland-Vancouver-Hillsboro, Ore.-Wash. 4. Seattle-Tacoma-Bellevue, Wash. 5. Denver-Aurora-Broomfield, Colo. 6. Salt Lake City, Utah 7. San Jose-Sunnyvale-Santa Cl...Source: “The 10 Healthiest Cities in the U.S.,” Forbes.com READ MORE
Existing-Home Sales Grow 1.8 Percent in May
Existing-home sales sprang ahead in May to their highest pace in almost a decade, while the uptick in demand this spring amidst lagging supply levels pushed the median sales price to an all-time high, according to the National Association of Realtors®. All major regions except for the Midwest saw strong sales increases last month....READ MORE
Pending Home Sales Lift Off in April to Over 10-Year High
Pending home sales rose for the third consecutive month in April and reached their highest level in over a decade, according to the National Association of Realtors®. All major regions saw gains in contract activity last month except for the Midwest, which saw a meager decline. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, hiked up 5.1 percent to 116.3 in April from an upwardly revised 110.7 in March and is now 4.6 percent above April 2015 (111.2). After last month's gain, the index has now increased year-over-year for 20 consecutive months....READ MORE
Campaign Fights Roofing Fraud in Colorado
A group of nonprofit, government, and business organizations are working together to fight roofing contractor fraud in Colorado with a new public education campaign called No Roof Scams. The Colorado Division of Insurance, part of the Department of Regulatory Agencies (DORA), in conjunction with the Better Business Bureau of Denver / Boulder, the Colorado Division of Homeland Security and Emergency Management, the Colorado Roofing Association, the Insurance Institute for Business & Home Safety, the National Insurance Crime Bureau, the Property Casualty Insurance Association of America, and ...Source: Colorado Association of REALTORS READ MORE
Why work with a REALTOR?
A prime example happened recently in Nashville. A woman in Nashville ran into an unusual problem after buying her first home: The seller is now refusing to leave. “It’s been a nightmare,” Tamara Holloway told News 2 in Nashville. “The seller has essentially pirated my house. Holloway closed on the home on June 1. There is nothing in the contract stating that the seller can stay past that date. But Justin McCrory, the home seller, says he’s lived in the property for four years and he doesn’t plan to leave. “The transaction went through and they’re getting a good clean property...
First Time Homebuyer Savings Account (FHSA) Act Passes CO. Legislature
First Time Homebuyer Savings Account (FHSA) Act Passes CO. Legislature. A First-time Homebuyer Savings Account (FHSA) allows any Coloradan to set aside up to $50,000 toward the costs of purchasing a new home. The earnings on those funds — interest and capital gains — are free from Colorado state taxes forever. FHSAs are a great way for future homeowners to start saving early for the costs of buying a home. These accounts will be simple and easy to set up. Not only can you open a new one, you can also transfer money from one existing savings account to a FHSA. To create an FHSA, you simply ...READ MORE
May 25, 2016 Real Estate
2016-05-25 09:10:14 | Public
Protecting Our Future Award - Jim Wanzeck
Baby Boomers Heading Back to the City
About 11 percent of home buyers aged 50 to 59 closed on homes in urban areas and central cities from July 2013 through June 2014, according to a 2015 report by the National Association of REALTORS®. However, that percentage is rising, up to 13 percent this year. Baby boomers are estimated at 74.9 million people so even the slightest percentage jump equates to a dramatic shift. Some of the most walkable urban centers and college towns are seeing some of the highest growth from baby boomers moving in, says Jonathan Smoke, realtor.com®’s chief economist. They tend to be drawn to the condos, n...READ MORE
FAA on Track to Release Drone Rules by June
Federal officials intend to publish long-awaited rules that will enable the general public to use small, unmanned aircraft for commercial activities before the end of spring, Federal Aviation Administration (FAA) officials told a group of real estate professionals who visited the agency in Washington last Thursday afternoon. The rules will pave the way for people without formal aviation training to gain government authorization to use the aircraft, known as drones, for aerial photography, roof inspections and other business purposes....READ MORE
Metro Home Prices Maintain Steadfast Growth in First Quarter
The median existing single-family home price increased in 87% of measured markets, with 154 out of 178 metropolitan statistical areas (MSAs) showing gains based on closed sales in the first quarter compared with the first quarter of 2015. Twenty-four areas (13%) recorded lower median prices from a year earlier. There were more rising markets in the first quarter compared to the fourth quarter of 2015, when price gains were recorded in 81% of metro areas. ...READ MORE
Home Ownership Rate Nears Record Lows
The home ownership rate made gains in the second half of 2015, but that progress was muted in the latest report from the U.S. Census Bureau. The first quarter of this year saw the home ownership rate back on the decline, plummeting to 63.6%, the third lowest on record. The nation continues to wait on younger Americans to make a move. Home ownership among those aged 25 to 34 years old is nearly 10 percentage points lower than it was a decade ago. One factor in the drop in home ownership is the burden of student loan debt. ...READ MORE
Who Pays the Highest Property Taxes?
The average median property tax rate across the nation is 1.31 percent. That means a home owner with a home valued at $200,000, on average, pays an annual amount of $2,620 in property taxes, according to an analysis by CoreLogic’s data team. Colorado ranks as the 5th lowest at .66%. Illinois has the highest median property tax rate at 2.67 percent. Hawaii, on the other hand, has the lowest at 0.31 percent....READ MORE
Buyers Not Taking Advantage of Low Rates
Mortgage rates remained near yearly lows last week, but home buyers didn't take advantage of the savings. Despite the low rates, mortgage applications for home purchases fell 1 percent last week, according to the Mortgage Bankers Association. Regardless of the latest week's dip, applications for home purchases do remain 17 percent higher than the same week a year ago. But most of the uptick lately in mortgage applications is coming from refinancing. ...READ MORE
Window into the Law
Make Sure You are Informed...Source: NAR READ MORE
How homes have changed
Home have evolved drastically since the 1950s. Indeed, what excited home buyers decades ago may be in stark contrast to what gets today’s generation excited. For example homes in the 1950s: Often had more bathrooms (an average of 2.35) than bedrooms (1.5). 1960s: The average home size grew to 1,200 square feet. 1970s: Popular trends were appliances in bold colors, like avocado and gold. Read more at: http://ow.ly/10y8HO ...READ MORE
Jobs Report Offers Hope for Inventory Crisis
The March jobs report showed an increase in employment within the construction sector, which could be a welcome sign that more inventory will soon be coming to the new-home housing market. Employment rose 215,000 in March as the unemployment rate remained at 5 percent, according to a report released Friday by the U.S. Bureau of Labor Statistics. But a closer look at the data shows that construction jobs rose by 37,000 in March. Doug Duncan, Fannie Mae’s chief economist, cites the uptick as a response to the short supply of homes for sale. Throughout the year, the construction sector has adde...READ MORE
Pending Home Sales Move Forward in February
Pending home sales rose solidly in February to their highest level in seven months and remain higher than a year ago, according to the National Association of Realtors®. Led by a sizeable increase in the Midwest, all major regions except for the Northeast saw an increase in contract activity in February. The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 3.5 percent to 109.1 in February from a downwardly revised 105.4 in January and is now 0.7 percent above February 2015 (108.3). Although the index has now increased year-over-year for 18 consecutive mon...READ MORE
Why Your Home Buyers Really Need to Hurry
Home buyers are expected to outnumber home sellers this spring, which likely will drive up asking prices, Lawrence Yun, the chief economist for the National Association of REALTORS®, told The Wall Street Journal. “Given that prices are rising, more people will be pushed on the borderline of conventional mortgage limits and may need a large down payment or a jumbo mortgage,” Yun says. Nationwide, the median price for an existing single-family home in January was $213,800 – up 8.2 percent just from a year ago, according to NAR’s housing data. Home prices are moving at the highest rate s...READ MORE
Expect a Strong Spring Housing Market
Recent housing and economic reports predict we'll see solid spring home sales, according to Jonathan Smoke, realtor.com®'s chief economist. Here are some signs: Jobs: "Job creation -- arguably the most important factor in housing demand -- is moving apace," Smoke notes. In January, 151,000 jobs were created and unemployment is near 10-year lows. Home sales: Existing-home sales from January 2015 to January 2016 have grown 11 percent. Home prices: Prices are moving up and most of that has been attributed to the limited number of homes for-sale. Mortgage rates: Low mortgage rates are improving h...READ MORE
History Behind Leap Year
7 Related Stories 13 Jumping Animals, Just in Time for Leap Year Found! Gravitational Waves, or a Wrinkle in Spacetime Einstein May Be About to Be Proved Right—Again Picture of clock Enlarge Most of the modern world has adopted the Gregorian calendar and its leap year system to allow days and months to stay in step with the seasons. Photograph by Abraham Nowitz, National Geographic By Brian Handwerk PUBLISHED February 26, 2016 It's that time again: This Monday, February 29, is a leap day, the calendar oddity that occurs (almost) every four years. For cen...READ MORE
Mortgage Rates May Be Headed for Record Low
About two months ago, the Federal Reserve raised its funds rate for the first time in years. Since then, however, the 30-year fixed-rate mortgage has been dropping. "Mortgage rates are going down again, and it's good for borrowers, but is it really good for the housing market and the broader economy? The answer is no," said Guy Cecala, CEO and publisher of Inside Mortgage Finance. Some analysts say rates could even fall into the 2 percent range. “It would help those on the low end but could hurt jumbo loan borrowers,” CNBC reports. “Banks, which generally hold these larger loans on their...READ MORE
Metro Home Prices Accelerate in the Fourth Quarter of 2015
A moderating pace of sales had little impact on the trajectory of home prices during the final three months of the year, which picked up speed and showed continued growth in most of the U.S., according to the latest quarterly report by the National Association of Realtors®. The median existing single-family home price increased in 81 percent of measured markets, with 145 out of 1791 metropolitan statistical areas2 (MSAs) showing gains based on closings in the fourth quarter compared with the fourth quarter of 2014. Thirty-four areas (19 percent) recorded lower median prices from a year earlie...READ MORE
Broncos Win Good for Housing
History suggests a Denver win is also good for the overall housing market, says realtor.com®. Here’s how the Super Bowl Predictor works: Denver’s past wins in the Super Bowl—in 1998 and 1999—were also strong years for housing, with gains in home prices, home sales, and housing starts. When Denver loses the Super Bowl, the housing market is more of a wild card. In 1978, housing indicators had some strong drives, but turned over the ball in 1990. The years 1987, 1988, and 2014 were a mixed bag after a Denver loss....READ MORE
Existing-Home Sales Surge Back in December
Home sales surge back in December as more buyers reached the market before the end of the year, and the delayed closings resulting from the rollout of the Know Before You Owe initiative pushed a portion of November's would-be transactions into last month's figure. Led by the South and West, all four major regions saw large increases in December. ...READ MORE
Median Home Price Map
View your metropolitan statistical area to get the latest quarterly median home price for your market, and its percentage change from the previous quarter. Now includes median commute times for each metro area! http://ow.ly/WXBPZ ...READ MORE
Housing Opportunities and Market Experience Survey
The new Housing Opportunities and Market Experience (HOME) report was created by NAR to monitor consumer sentiment about the housing market. Some highlights this quarter: 88% of U.S. households believe owning a home is a good financial decision; 83% of current renters do want to own a home in the future; 31% of renters think it would be very difficult and 34 percent think it would be at least somewhat difficult to obtain mortgage....READ MORE
TRID lengthening closing times
The average time to close on a mortgage was 49 days in November, the longest timeline since February 2013, according to Ellie Mae. The National Association of REALTORS® has flagged the new RESPA-TILA "Know Before You Owe" mortgage regulations, which took effect Oct. 3, as the likely culprit for the longer closing times. ...READ MORE
Biggest Winter Home Risks
The winter season is a prime time for house fires. Half of all destructive fires tend to occur in Dec.-Feb., according to the National Fire Protection Association. But most home fires are preventable. Here are two leading culprits to watch for: Space heaters. These devices are the leading cause of house fires in the winter. Make sure the heater is at least three feet away from anything flammable. Plug it directly into the outlet, not an extension cord. And do not go to bed with the spacer heater still on, experts warn. “Most space heater accidents happen while everyone is sleeping,” say...READ MORE
Homeowners Reap on Remodeling
According to a new report from NAR, remodeling projects can bring major benefits to homeowners who choose to remain in their homes or are planning to sell. Realtors® named kitchen upgrades, complete kitchen renovations, bathroom renovations and new wood flooring as the interior projects that most appeal to potential buyers. When looking at the interior projects that yield the biggest financial results upon resale, Realtors® ranked hardwood flooring refinishes (100 percent of project cost recovered upon resale), insulation upgrades (95 percent recovered), new wood flooring (91 percent recover...READ MORE
Pending Home Sales Nudge Forward in October
Pending home sales were mostly unchanged in October, but shifted marginally higher after two straight months of declines, according to the National Association of Realtors®. Gains in the Northeast and West were offset by declines in the Midwest and South. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, inched 0.2 percent to 107.7 in October from an upwardly revised 107.5 in September and is now 3.9 percent above October 2014 (103.7). The index has increased year-over-year for 14 consecutive months. ...READ MORE
Land May Be Your Best Investment
Are your investors wondering where to invest their money next? The opportunities for flipping houses or purchasing rental homes are starting to dwindle, but there’s another option that could be fruitful: investing in land. With the economy on the upward trajectory, land is rising in demand. At the 2015 REALTORS® Conference & Expo in San Diego, Jeramy Stephens, a member of the REALTORS® Land Institute, offered the most profitable options for land investment. Click the photo to read more....READ MORE
Home Prices Sustain Steady Growth in Most Metro Areas in Third Quarter
The encouraging lift–off in existing–home sales amidst ongoing inventory shortages kept home prices rising in most of the country during the third quarter, but overall price appreciation slowed to a healthier pace, according to the latest quarterly report by the National Association of Realtors®. The median existing single–family home price increased in 87 percent of measured markets, with 154 out of 178 metropolitan statistical areas (MSAs) showing gains based on closings in the third quarter compared with the third quarter of 2014. Twenty–four areas (13 percent) recorded lower media...READ MORE
Pending Home Sales Cool in September
Pending home sales cooled in September for the second straight month and to their second lowest index reading in 2015, according to the National Association of Realtors®. All four major regions experienced a pullback in activity in September. The Pending Home Sales Index, a forward–looking indicator based on contract signings, declined 2.3 percent to 106.8 in September from a slightly downwardly revised 109.3 in August but is still 3.0 percent above September 2014 (103.7). With last month's decline, the index is now at its second lowest level of the year (103.7 in January), but has still in...READ MORE
Interest Rates Likely to Stay Low Longer
The Federal Reserve once again decided not to raise the federal funds rate this month, saying the economy is still falling short of benchmarks. That likely means home buyers will be able to take advantage of lower mortgage rates for awhile longer too. Federal Open Markets Committee members released a statement Wednesday that said in an effort to “support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current zero to one-quarter percentage target rate for the federal funds rate remains appropriate.” The FOMC will not decide...READ MORE
Fall Home Sales Rebound
Existing-home sales – which are completed transactions of single-family homes, townhomes, condos, and co-ops – rose 4.7% in September month-over-month to a seasonally adjusted annual rate of 5.55 million. Sales are now 8.8% above a year ago, NAR reports. Read 5 other stats you should know....READ MORE
Halloween Lighting Ideas
When you stroll through your neighborhood this Halloween season, get ready for some front-yard tricks and some awesome lighting treats. Halloween displays are more sophisticated — and fun — than ever, headlined by energy-saving CFL and LED extravaganzas, and powered by creative home owners who pull out all the stops when it comes to making spooky delights. Click through our slideshow and enjoy the magic! ...READ MORE
The Next Three Months: Best Time to Buy
Low mortgage rates, declining home prices, and homes that are lingering on the market longer are three main reasons why the next three months could be the best time to buy so far this year, says Jonathan Smoke, realtor.com®’s chief economist. “The spring and summer home-buying seasons were especially tough on potential buyers this year with increasing prices and limited supply,” Smoke says. “Buyers who are open to a fall or winter purchase should find some relief with lower prices and less competition from other buyers.”The biggest challenge buyers will likely face buying in the nex...READ MORE
Colorado foreclosure filings down 31 percent in May
Foreclosure filings were down 31.4 percent in Colorado metro counties during May 2014, falling year over year to the lowest level recorded during May in any year since the Division of Housing began collecting monthly totals in 2007. According to a report released Wednesday by the Colorado Division of Housing, foreclosure auction sales in Colorado’s metropolitan counties were down 45.0 percent in May this year compared to May of last year, falling from 720 to 396. Over the same period,foreclosure filings dropped from 1,113 to 763. For the first five months of the year combined, from January t...READ MORE
Existing-Home Sales Stall in August, Prices Moderate
Following three straight months of gains, existing–home sales dipped in August despite slowing price growth and a positive turnaround in the share of sales to first–time buyers, according to the National Association of Realtors®. None of the four major regions experienced sales increases in August. Total existing–home sales, which are completed transactions that include single–family homes, townhomes, condominiums and co–ops, fell 4.8 percent to a seasonally adjusted annual rate of 5.31 million in August from a slight downward revision of 5.58 million in July. Despite last month's d...Source: NAR READ MORE
Best Day of the Year to Buy a Home
Mark Oct. 8 in your calendar. That's the best date to close on a home at a bargain price, according to a new study by RealtyTrac. On average, buyers have purchased 10.8 percent below estimated market value on this date for the last 15 years, the study shows. The next best buying dates for house hunters are Nov. 26 (10.1 percent below market value); Dec. 31 (9.7 percent); Oct. 22 (9.6 percent); and Oct. 15 (9.1 percent). RealtyTrac analyzed more than 32 million sales of single-family homes and condos to come up with the data. Overall, October offered the most promise for bargain hunters. Over t...READ MORE
Pending Home Sales Inch Forward in July
Pending home sales were mostly unchanged in July, but rose modestly for the sixth time in seven months, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, marginally increased 0.5 percent to 110.9 in July from an upwardly revised 110.4 in June and is now 7.4 percent above July 2014 (103.3). The index has increased year-over-year for 11 consecutive months and is the third highest reading of 2015, behind April (111.6) and May (112.3)....Source: NAR READ MORE
New Home Sizes Shrink
The median size of U.S. homes dropped slightly in the second quarter, edging back from a record set in the previous quarter, the Commerce Department reported Tuesday.In the second quarter, the median size of a new home was 2,479 square feet – about 40 square feet smaller than the record high set in the first quarter. The smaller size may be a sign that builders are starting to focus on building more entry-level homes, The Wall Street Journal reports. The National Association of Home Builders has predicted that first-time home buyers, who most often purchase entry-level homes, will comprise ...READ MORE
Home Prices Rise in Nearly All Metro Areas in Second Quarter
A promising climb in home sales throughout the country amidst insufficient supply caused home prices to steadily rise in most metro areas during the second quarter, according to the latest quarterly report by the National Association of Realtors®. The median existing single-family home price increased in 93 percent of measured markets1, with 163 out of 176 metropolitan statistical areas2 (MSAs) showing gains based on closings in the second quarter compared with the second quarter of 2014. Thirteen areas (7 percent) recorded lower median prices from a year earlier....READ MORE
Existing-Home Sales Rise in June as Home Prices Surpass July 2006 Peak
WASHINGTON (July 22, 2015) — Existing-home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high, according to NAR. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.2 percent to a seasonally adjusted annual rate of 5.49 million in June from a downwardly revised 5.32 million in May. Sales are now at their highest pace since February 2007 (5.79 million), have incr...READ MORE
Pending Home Sales Dip in June
After five consecutive months of increases, pending home sales slipped in June but remained near May's level, which was the highest in over nine years, according to the National Association of Realtors®. Modest gains in the Northeast and West were offset by larger declines in the Midwest and South.The Pending Home Sales Index,* a forward-looking indicator based on contract signings, fell 1.8 percent to 110.3 in June but is still 8.2 percent above June 2014 (101.9). Despite last month's decline, the index is the third highest reading of 2015 and has now increased year-over-year for ten consecu...READ MORE
Judge a Property by Its Sound
House hunters are now getting the ability to judge a home in a new way – by its sound level – in a new feature rolling out to track a neighborhood's noise. A new company called HowLoud is dubbing itself as the WalkScore but for noise. So far, the new tool is only available in Los Angeles and Orange counties, but company officials are raising funds to roll it out nationwide. HowLoud assigns a value to the noise level of a property based on a numerical scale, factoring in noise-makers like vehicle and airplane traffic. The company recently launched a crowdfunding campaign to roll out its pro...READ MORE
Jul 8, 2015 Market Trend
2015-07-08 05:03:24 | Public
Economic and Forecast Update Released by NAR
Housing portion reveals inventory remains low by historical standards in most markets. In places like Denver and Seattle, where a very strong job growth is the norm, the inventory condition is unreal – less than one month supply. Also, existing-home sales in May hit the highest mark since 2009, when there had been a homebuyer tax credit … remember, buy a home and get $8,000 from Uncle Sam. This tax credit is no longer available but the improving economy is providing the necessary incentive and financial capacity to buy. Meanwhile new home sales hit a seven-year high and housing permits ...READ MORE
Jul 1, 2015 Market Trend
2015-07-01 01:45:31 | Public