If you or someone you know is thinking about buying or selling real estate any time in the next year, please call to let me know. It would be my pleasure to contact and work with your referral. My commitment to you is to treat them with the utmost care as they work towards buying and/or selling real estate. Referrals are the core of my business!
Welcome to the August edition of the 2011 Denver Real Estate Market Newsletter. The purpose of this newsletter is to keep you informed of Denver’s real estate market.
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DENVER’S REAL ESTATE MARKET RESILIENT IN JULY!
TIDBITS
Insightful Quotes
“Be thankful for what you have; you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough.” (Oprah Winfrey)
“We often take for granted the very things that most deserve our gratitude.” (Cynthia Ozick, Writer)
“Study as if you were going to live forever; live as if you were going to die tomorrow.” (Maria Mitchell, 1818-1889, Astronomer)
“When you are kind to others, it not only changes you, it changes the world.” (Harold Kushner, Rabbi and Author)
“When I thought I couldn’t go on, I forced myself to keep going. My success is based on persistence, not luck.” (Estee Lauder, 1906-2004, Entrepreneur)
“All who have accomplished great things have had a great aim, have fixed their gaze on a goal which was high, one which sometimes seemed impossible.” (Orison Swett Marden, 1850-1924, Author)
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10% Coupon for Lowe’s
Through a special relationship with the National Association of Realtors I am able to provide my very special guests with a 10% off coupon. To request this coupon simply reply to this email and include your mailing address. Within a few days you will recieve your coupon in the mail. If you know anyone who is taking on a home improvement project who could also benefit from this special, send me their mailing address and email address and I’ll get one to them as well.
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DENVER REAL ESTATE MARKET TRENDS
Residential (use the scroll bar on the right side of the chart to view all four graphs)
July MLS Chart for Aug 2011 Newsletter – Res
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Condo and Townhomes (use the scroll bar on the right side of the chart to view all four graphs).
July MLS Chart for Aug 2011 Newsletter – Condo
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July 2011 Real Estate Market Trends
July 2011 % CHANGE vs Prior Month % CHANGE vs Year Ago
SINGLE FAMILY (Residential and Condo)
Homes for sale 17,583 2.46 -25.02
Homes under contract 4,250 -10.73 11.61
Homes Sold 3,835 -6.00 17.67
Average days on market 101 -2.88 17.44
Average Sold Price $270,066 1.34 0.13
RESIDENTIAL
Homes for sale 14,014 -1.41 -22.07
Homes under contract 3,386 -11.55 11.02
Homes Sold 3,082 -6.46 17.10
Average days on market 99 0.00 17.86
Average Sold Price $298,654 2.20 0.48
CONDOMINIUM
Homes for sale 3,569 -6.35 -34.72
Homes under contract 864 -7.40 13.98
Homes sold 753 -4.08 20.10
Average days on market 109 -12.80 17.20
Average sold price $153,058 -3.41 -0.75
DENVER REAL ESTATE NEWS
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Denver Parade of Homes open through September 5th. Admission is FREE! Read More
Fannie Mae and Freddie Mac downgraded by Standard and Poor’s Read more
Residential real estate sold in metro Denver during the month of July topped $1 billion in sales volume. Read More
Richmond American Homes is the largest home builder in the Denver area Read More
Energy company looking to drill for natural gas in Parker near the Stonegate community Read More
Seventy-one homes, with a sales price of $1 million or higher, sold in June compared to 47 in May Read More
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INVESTOR NEWS
Apartment market soars, shortage coming Read More
The apartment vacancy rate in the Denver metro area fell to 4.8 percent in the second quarter, the lowest vacancy rate recorded since the first quarter of 2001. Read More
Apartment vacancies going down, rents going up Read More
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FORECLOSURE NEWS
Colorado 9th for foreclosures Read More
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ECONOMIC NEWS
CenturtyLink cuts about 400 Colorado jobs Read More
Denver personal income rose 2.47% in 2010 Read More
U.S. unemployment eases to 9.1% Read More
Colorado industrial jobs up for 1st time since 2006 Read More
Colorado jobless rate falls to 8.5% in June; Read More
The redevelopment of the former Children’s Hospital site into the new St. Joseph Hospital is anticipated to be an economic boon for the city. The 3-year construction period is estimated to benefit the economy with 1,400 construction jobs annually and as much as $340 million in wages for the $623 million facility.
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GREEN NEWS
Weld County wind farm now providing power for 75,000 homes Read More
Denver International Airport No. 1 in nation for solar power capacity Read More
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OTHER NEWS
CenturyLink signs to light up over Denver Read More
Sports Authority wants name on Broncos Mile High stadium Read More
RTD gets $1B federal grant for FasTracks construction Read More
Momentum is building to designate pack burro racing as the official sport of Colorado Read More
United States Air Force Academy in Colorado Spring’s ranks No. 10 in U.S. for undergraduate schools Read More
Centura Health building hospital in Castle Rock Read More
Expect detour on DIA’s Pena Blvd from August to November Read More
Widening U.S. 36 to start next summer Read More
National Jewish Health continues to rank as the top respiratory hospital in the nation. Read More
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THANK YOU FOR YOUR BUSINESS AND REFERRALS!
If you or someone you know is thinking about buying or selling a home any time in the next year, please call to let me know. It would be my pleasure to contact and work with your referral. My commitment to you is to treat them with the utmost care as they work towards buying or selling a home. Referrals are the core of my business and are always appreciated.
Free Real Estate Tools
When searching homes for sale anywhere in the Denver metro area use this link, Interactive Map-Based Home Search. This interactive, map-based home search tool makes looking for homes fun and easy. If you are interested in a specific neighborhood, whether it is your current neighborhood or the one that you hope to move to someday, this site can send you e-mail notifications when new homes come onto the market. Happy home searching!
Please call me with your real estate questions. I’m always happy to help you navigate through this constantly changing real estate market!
Welcome to the July edition of the 2011 Denver Real Estate Market Newsletter. The purpose of this newsletter is to keep you informed of Denver’s real estate market.
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DENVER’S REAL ESTATE MARKET IMPROVES IN JUNE!
While one month’s data doesn’t make a trend, trends do become apparent when looking at 30 months of data. Please take a moment to review the real estate charts below. The real estate market has softened since 2010 but the trends indicate that the market has been stabilizing.
A stable real estate market is good news for buyers and sellers. Since an actual ‘recovery’ may be years away, this may be the time to take advantage of continued (historically) low interest rates. Well qualified buyers can find rates as low as 4.25% with1% origination. On the purchase of a $400,000 house your payment would increase $1,300 per year with just a 0.5% increase in rate (4.75%). If you look at this from another perspective, maintaining the same monthly payment and an interest rate increase to 4.75%, your affordability would decrease by $20,000. The $400,000 would no longer be affordable! Ohhhhh, the power of compounding interest!
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TIDBITS
Insightful Quotes.
“The best way to predict the future is to create it.” (Peter Ferdinand Drucker, 1909-2005, Political Economist and Author)
“You never know what you can do until you have to do it.” (Betty Ford, 1918-2011, Former First Lady and Founder of the Betty Ford Center)
“One’s dignity may be assaulted, vandalized and cruelly mocked, but cannot be taken away unless it is surrendered.” (Michael J. Fox, Actor)
“A hero is an ordinary individual who finds the strength to persevere and endure in spite of overwhelming obstacles.” (Christopher Reeve, 1952-2004, Actor, Director and Producer)
“We have a choice every day – to act on yesterday’s good intentions or get an early start on tomorrow’s regret.” (Robert Brault, Writer)
Be thankful for what you have; you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough.” (Oprah Winfrey, Television Host)
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10% Coupon for Lowe’s
Through a special relationship with the National Association of Realtors I am able to provide my very special guests with a 10% off coupon. To request this coupon simply reply to this email and include your mailing address. Within a few days you will recieve your coupon in the mail. If you know anyone who is taking on a home improvement project who could also benefit from this special, send me their mailing address and email address and I’ll get one to them as well.
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Protect you Home and Property
Last Tuesday, July 12th, our neighbor’s home was struck by lightning which subsequently started a huge fire. Watch Video The good news is that Cathy and Ron were not home at the time and were uninjured. The bad news is that they lost most of their personal posessions and their home will have to be completely rebuilt from the foundation up.
My wife, Jenny, and are have taken this opportunity to protect our family and home. First of all, we will be installing a lightning protection system on the roof of our home. This may not be necessary for most homes, but we’ve have three major lightning strikes and fires within one block of our house in the last six years. If you’d like more information on these systems I would recoommend that you refer to the following web sites; Lightning Protection Institute and Mr. Lightning. The systems cost about $2,500 but offer protection to our home that is priceless. The second action that we have taken is to confirm that our homeowners insurance is current and up-to-date to cover any possible property loss.
The final step we’ve taken is to protect important files and computer data. The files were taken to the safety deposit box. The computer data was backed up to an off-site facility called Carbonite.com. This is a relatively inexpensive service, less than $50/year, that automatically backs up my computer. If our computer systems were destroyed or stolen, the data would be recoverable. There are a few personal possessions that would be heart breaking to lose. If we lost the digital photographys of the kids, we would be completely devestated. Carbonite.com is very expensive insurance for our most prized possessions, our computer data!
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DENVER REAL ESTATE MARKET TRENDS
Residential (use the scroll bar on the right side of the chart to view all four graphs)
June 2011 MLS Stats for July Newsletter_Res
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Condo and Townhomes (use the scroll bar on the right side of the chart to view all four graphs).
June 2011 MLS Stats for July Newsletter_Condo
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June 2011 Real Estate Market Trends
June 2011 % CHANGE vs Prior Month % CHANGE vs Year Ago
SINGLE FAMILY (Residential and Condo)
Homes for sale 18,026 0.77 -20.55
Homes under contract 4,761 -0.33 22.55
Homes Sold 4,080 9.32 0.84
Average days on market 104 -4.59 26.83
Average Sold Price $266,493 3.62 -2.57
RESIDENTIAL
Homes for sale 14,215 1.84 -18.01
Homes under contract 3,828 -0.78 21.06
Homes Sold 3,295 8.53 2.11
Average days on market 99 -8.33 22.22
Average Sold Price $292,230 4.58 -2.39
CONDOMINIUM
Homes for sale 3,822 -3.03 -28.79
Homes under contract 933 1.52 29.05
Homes sold 785 12.79 -4.15
Average days on market 125 10.62 43.68
Average sold price $158,463 -0.99 -7.66
DENVER REAL ESTATE NEWS
Average home selling price increases 3.5% from June. Inventory of homes for sale down 15.8% from June 2010. Read More
Parade of Homes opens Aug. 11 Read More
Homebuilder Taylor Morrison sold for $955M Read More
High-end Aspen homes are selling Read More
Seinfeld wants $18 million for Colorado ski home Read More
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MORTGAGE NEWS
Bank of America agrees to landmark $8.5B settlement for sale of mortgage securities. Read More
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FORECLOSURE NEWS
Colorado Weekly Foreclosure Statistics Read More
Mortgage delinquency rates down 22% in May Read More
Colorado foreclosure filings down 13.5% from May 2010 Read More
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ECONOMIC NEWS
U.S. unemployment edges up to 9.2% Read More
Colorado has gained a net 11,000 jobs through the first five months of 2011 Read More
More young adults working in Denver than most cities Read More
Denver 9th Best Place for Business and Careers (Forbes) Read More
Colorado new car sales up 21% through May from 2010 Read More
Colorado and Denver visitors reach record numbers Read More
Two Colorado banks fail Read More
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GREEN NEWS
$475M wind farm dedicated in Weld County Read More
Colorado ranks above average on ‘green’ jobs Read More
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OTHER NEWS
Elway’s to open restaurant in Vail Read More
Pine beetle presence increasing in Denver Read More
CenturyLink to remove Qwest signs Read More
Denver seen as a potential site for 2022 Winter Olympics Read More
Denver airport now busier than ever Read More
I-70 mountain improvement study advances Read More
New St. Anthony Hospital up and running Read More
Kuni Lexus to build big south metro store on 6-acre site Read More
Children’s Hospital adds ‘Colorado’ to name Read More
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THANK YOU FOR YOUR BUSINESS AND REFERRALS!
If you or someone you know is thinking about buying or selling a home any time in the next year, please call to let me know. It would be my pleasure to contact and work with your referral. My commitment to you is to treat them with the utmost care as they work towards buying or selling a home. Referrals are the core of my business and are always appreciated.
Free Real Estate Tools
When searching homes for sale anywhere in the Denver metro area use this link, Interactive Map-Based Home Search. This interactive, map-based home search tool makes looking for homes fun and easy. If you are interested in a specific neighborhood, whether it is your current neighborhood or the one that you hope to move to someday, this site can send you e-mail notifications when new homes come onto the market. Happy home searching!
Please call me with your real estate questions. I’m always happy to help you navigate through this constantly changing real estate market!
Welcome to the June edition of the 2011 Denver Real Estate Market Newsletter. The purpose of this newsletter is to keep you informed of Denver’s real estate market.
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What’s Really Happening in our Real Estate Market
There is no questions that today’s real estate market is challenging. Below are a couple comments and observations of our current real estate market:
Denver’s housing market appears to be ‘bumping along the bottom’ of this prolonged market correction which began in 2006. A recent poll showed that a majority of American’s do not expect the housing market to recover until 2014. With a possible recovery years away buyers and sellers need to weigh the benefits of buying and selling now vs waiting for a housing recovery. When I’m asked by my clients whether to act now or to wait for the recovery there are a series of questions that I always ask:
Because of that uncertainty of future interest rates I would recommend to my clients that they at least consider purchasing now vs waiting for a market recover. The bottom line is that my expectation is that housing prices will hover in their current range for some time but there is significant risk of interest rates rising in the future. To help you analyze buying now vs buying later use this calculator. Simply input your desired monthly payment (principal and interest only) plus your down payment and compare the affordability at progressively increasing interest rates. This might surprise you! As stated previously , a buyers purchasing power is reduced by nearly 5% for every 0.5% increase of interest rates. Buying Power Calculator
TIDBITS Insightful Quotes “The attitude you have as a parent is what your kids will learn from more than what you tell them. They don’t remember what you try to teach them. They remember what you are.” (Jim Henson, 1936-1990, Creator of The Muppets) “You can preach a better sermon with your life than with your lips.” (Oliver Goldsmith, 1730-1774, Writer and Poet) “One hour per day of study will put you at the top of your field within three years. Within five years you’ll be a national authority. In seven years, you can be one of the best people in the world at what you do.” (Earl Nightingale, 1921-1989, Author and Speaker) “Without AMBITION one starts nothing. Without WORK one finishes nothing. The prize will NOT be sent to you. You have to WIN it.” (Ralph Waldo Emerson)
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Home Improvements and Which Ones to Do
Whether you plan to sell in the near future, or just want to improve the value of your home, here is one low cost improvement you should consider. Attack the list of maintenance jobs you have been meaning to get to. Properly maintaining your home means keeping minor jobs minor, rather than letting them get larger, and more costly. Homes that aren’t properly maintained lose value, especially in today’s real estate market where the buyers now clearly have the upper hand. So, where should you begin? Tackle the obvious maintenance issues first – the cracked stair, the circuit breaker that trips several times a week, the leaky roof. Maintenance issues such as these are safety issues, and can lead to greater problems. Be sure to take care of both the outside and inside jobs.
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Negotiate the Best Deal
Buyers are finally being able to take advantage of cooling trends in previously hot markets. Multiple offers are no longer being thrown at sellers as soon as the For Sale sign hits the front yard. Here’s a tip about negotiating the best deal. After 45 to 60 days the seller is usually absolutely sick of keeping their house spotless and sick of people walking through. This is when a seller may be the most anxious about selling their house as traffic to their house has likely fallen sharply.
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DENVER REAL ESTATE MARKET TRENDS
Residential (use the scroll bar on the right side of the chart to view all four graphs)
May 2011 MLS Stats for June 2011 Newsletter_Res
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Condo and Townhomes (use the scroll bar on the right side of the chart to view all four graphs).
May 2011 MLS Stats for June 2011 Newsletter_Condo
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| May 2011 | % CHANGE vs Prior Month | % CHANGE vs Year Ago | |
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| SINGLE FAMILY (Residential and Condo) | |||
| Homes for sale | 17,888 | 0.23 | -16.54 |
| Homes under contract | 4,777 | 0.59 | 23.02 |
| Homes Sold | 3,732 | 8.84 | -14.50 |
| Average days on market | 109 | -2.68 | 43.42 |
| Average Sold Price | $257,177 | 3.29 | 3.65 |
| RESIDENTIAL | |||
| Homes for sale | 13,958 | 0.61 | -14.54 |
| Homes under contract | 3,858 | -0.52 | 22.91 |
| Homes Sold | 3,036 | 11.01 | -11.12 |
| Average days on market | 108 | -0.92 | 44.00 |
| Average Sold Price | $279,443 | 2.75 | 2.25 |
| CONDOMINIUM | |||
| Homes for sale | 3,930 | -1.08 | -22.94 |
| Homes under contract | 919 | 5.51 | 23.52 |
| Homes sold | 696 | 0.29 | -26.66 |
| Average days on market | 113 | -8.13 | 43.04 |
| Average sold price | $160,051 | 1.02 | 1.58 |
DENVER REAL ESTATE NEWS
Lower inventory of homes for sale help to stabilize home prices. Read More
Compare Denver’s real estate market over the past 10 years with 20 other selected Cities. Interactive Home Price Index for 20 Metro Areas
Denver 2nd lowest housing declines from the August 2006 peak Read More
Massive Douglas County development, Sterling Ranch, wins approval Read More
“Home Alone” House For Sale Read More
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MORTGAGE NEWS
Reports of mortgage fraud and misrepresentation declined 41 percent in 2010 Read More
INVESTOR NEWS
Apartment vacancy rates fall Read More
It’s a good time to be a landlord Read More
Rental housing vacancies in the Denver area have fallen to a record low of 1.4 percent Read More
More foreclosed homes on the market Read More
FORECLOSURE NEWS
Foreclosures account for 30% of all sales in Colorado Read More
Final foreclosure sales drop 20% compared to May 2010, the sixth consecutive month to month drop. Read More
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ECONOMIC NEWS
U.S. unemployment rate edges up to 9.1% Read More
Fed sees ‘solid’ growth in Colo. region Read More
NASA will keep the Orion crew-exploration vehicle that’s being developed by Lockheed Martin Space Systems in suburban Denver. Read More
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OTHER NEWS
Tesla charges into Park Meadows mall Read More
Traffic congestion expected to worsen Read More
Tamarac Square will be torn down Read More
Denver No. 5 healthiest and fittest places in the United States Read More
Denver ranks tenth-highest average annual salary among metro areas in the western states Read More
Coloradans on average are older, their households have fewer people, and their homes are slightly more likely to be rented than a decade ago, according to new data from the 2010 Census. Read More
Colo. 5th for clean-energy leadership Read More
THANK YOU FOR YOUR BUSINESS AND REFERRALS!
If you or someone you know is thinking about buying or selling a home any time in the next year, please call to let me know. It would be my pleasure to contact and work with your referral. My commitment to you is to treat them with the utmost care as they work towards buying or selling a home. Referrals are the core of my business and are always appreciated.
Free Real Estate Tools
When searching homes for sale anywhere in the Denver metro area use this link, Interactive Map-Based Home Search. This interactive, map-based home search tool makes looking for homes fun and easy. If you are interested in a specific neighborhood, whether it is your current neighborhood or the one that you hope to move to someday, this site can send you e-mail notifications when new homes come onto the market. Happy home searching!
Please call me with your real estate questions. I’m always happy to help you navigate through this constantly changing real estate market!
Welcome to the May edition of the 2011 Denver Real Estate Market Newsletter. The purpose of this newsletter is to keep you informed of Denver’s real estate market.
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Keller Williams DTC, #1 In the Denver Market
Keller Williams has experience amazing growth over the last few years. Just two months ago I posted that Keller Williams Realty took over the No. 2 spot as the second largest real estate brokerage in the U.S. Well, the growth trend continues. Last month Keller Williams Denver Tech Center (DTC), the office that I’m affiliated with, was the number one producing brokerage firm in the entire Denver Metro Area. No one sold more homes than Keller Williams DTC!
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Stay tuned as we continue our march towards the number 1 spot in the U.S.!
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TIDBITS
Insightful Quotes
“I see that the path of progress has never taken a straight line, but has always been a zigzag course.” Kelly Miller, American sociologist
“Kind words can be short and easy to speak, but their echos are truly endless” Mother Theresa, 1910-1997, Catholic Nun and founder of Missionaries of Charity in Calcutta
“I quit being afraid when my first venture failed and the sky didn’t fall down.” Allen H. Newharth, Founder of USA Today
“People often say that this or that person has not yet found himself. But the self is not something one finds, it is something one creates” Thomas Szasz, Psychiatrist and Author
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Amazing Athleticism
Last July’s newsletter featured videos of two amazing athletes. This month, I have two more videos to share. The first is a compilation of Parkour/Free Running and the second is from my favorite cyclist Danny MacAskill. If you have a favorite videos please forward to me and I may add to an upcoming newsletter.
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DID YOU KNOW
THE U.S. FEDERAL DEBT EXPLOSION
Did you know that you are $127,000 more in debt than you thought, thanks to the massive federal debt load. The federal debt has grown every single year since 1957, and the debt has doubled in the last seven years alone. The federal debt is now a whopping $14.1 trillion.
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So, how much debt is too much debt? Most economists agree that some federal debt is okay, as long as it remains a reasonable percentage of GDP (a close proxy for the nation’s tax base). What’s “reasonable” is debatable, but there’s no denying that we are pushing the upper bounds by anyone’s definition today. Our current federal debt is 95% of GDP, the highest it has been in over 60 years.
A special thanks to John Burns Real Estate Consulting
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DENVER REAL ESTATE MARKET TRENDS
Residential (use the scroll bar on the right side of the chart to view all four graphs)
Condo and Townhomes (use the scroll bar on the right side of the chart to view all four graphs) .
April 2011 Real Estate Market Trends
April 2011 % CHANGE vs Prior Month % CHANGE vs Year Ago
SINGLE FAMILY (Residential and Condo)
Homes for sale 17,847 0.79 -14.78
Homes under contract 4,749 32.99 -28.22
Homes Sold 3,429 6.86 -18.12
Average days on market 112 -5.88 40
Average Sold Price $248,991 -0.26 -0.64
RESIDENTIAL
Homes for sale 13,874 1.18 -12.43
Homes under contract 3,878 34.33 -24.95
Homes Sold 2,735 8.23 -17.32
Average days on market 109 -6.84 37.97
Average Sold Price $271,969 -0.7 -0.83
CONDOMINIUM
Homes for sale 3,973 -0.55 -22.1
Homes under contract 871 27.34 -39.89
Homes sold 694 1.76 -21.14
Average days on market 123 -1.6 46.43
Average sold price $158,438 -0.89 -2.02
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DENVER REAL ESTATE NEWS
Denver-area luxury home sales rise Read More
Metro Denver assessors lowering most property valuations Read More
The Denver-area housing market down from 2010, still fairing well compared to the 20 metropolitan areas tracked by Case-Shiller Read More
Developer to buy old CU hospital site Read More
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MORTGAGE NEWS
Fed cracks down on bank mortgage practices Read More
Mortgage application volume remain flat for home purchases Read More
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U.S. NATION REAL ESTATE NEWS
Second-home sales decline in 2010 Read More
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INVESTOR NEWS
Denver apartment vacancies hit low point Read More
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FORECLOSURE NEWS
Colorado No. 9 for Foreclosures Read More
Foreclosure filings fall in Colorado Read More
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ECONOMIC NEWS
Denver’s commercial-mortgage backed securities (CMBS) delinquencies among lowest in the U.S. Read More
Colorado unemployment drops to 9.2% Read More
U.S. unemployment rate edges up to 9.0% Read More
Personal Bankruptcy in the US falls 6% in first quarter Read More
Fed sees solid economic growth in Colorado Read More
42% of Colo. companies will hire in 2011 Read More
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OTHER NEWS
Colorado a great place to make a living Read More
Douglas County No. 7 on richest-counties list Read More
PGA Tour coming to Denver Read More
Denver to be No. 5 in summer visitors Read More
Spending plan keeps Orion space capsule going Read More
Newmont Mining is Colorado’s biggest public company Read More
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THANK YOU FOR YOUR BUSINESS AND REFERRALS!
If you or someone you know is thinking about buying or selling a home any time in the next year, please call to let me know. It would be my pleasure to contact and work with your referral. My commitment to you is to treat them with the utmost care as they work towards buying or selling a home. Referrals are the core of my business and are always appreciated.
Free Real Estate Tools
When searching homes for sale anywhere in the Denver metro area use this link, Interactive Map-Based Home Search. This interactive, map-based home search tool makes looking for homes fun and easy. If you are interested in a specific neighborhood, whether it is your current neighborhood or the one that you hope to move to someday, this site can send you e-mail notifications when new homes come onto the market. Happy home searching!
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Would you like to get an up-to-the minute report of homes sold and homes currently available in your neighborhood? Go to www.MetroDenverRealty.com and click on the Market Snapshot link. Please call with any questions or comments.
Welcome to the April edition of the 2011 Denver Real Estate Market Newsletter. The purpose of this newsletter is to keep you informed of Denver’s real estate market.
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What is the rental value for your home?
For years, Zillow.com has been one of the top visited real estate web sites used by buyers, sellers and homeowners to get a quick estimate of a home’s market value, anywhere in the U.S. In March, Zillow.com released a brand new feature called Rent Zestimates. This tool gives renters and landlords an estimate of the approximate rental price of more than 90 million homes. So, the next time you are throwing around the idea of converting your home into a rental and are curious to know what your home may rent for, give Zillow.com a try.
Disclaimer: Zillow should only be used as an estimate. The typical accuracy for Denver is +/- 11.4%. Seek the advice of a real estate professional. Learn more about Zillow’s accuracy.
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TIDBITS
Insightful Quotes
“What is the difference between an obstacle and an opportunity? Our attitude toward it. Every opportunity has a difficulty, and every difficulty has an opportunity.” J. Sidlow Baxter, 1903-1999, Author and Theologian
“My great concern is not whether you have failed, but whether you are content with your failure.” Abraham Lincoln
“I am grateful for all of my problems. After each one was overcome, I became stronger and more able to meet those that were still to come. I grew in all my difficulties.” James Cash Penney, 1875-1971, Entrepreneur and Founder of J.C. Penney Department Stores
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National Prescription Drug Take Back Day
Did you know that pharmaceuticals; including antibiotics, antidepressants, synthetic estrogen (birth control pills), and 53 other by-products have been found in the nations drinking water supply? When a person takes a pill, their bodies absorb some of the medication, but the rest of it passes through and is flushed down the toilet. Most water treatment processes do not remove all of the drug residual, therefore trace amounts of the drugs are being released into the environment. The long term impact to humans is little known but studies have shown synthetic estrogen to cause reproductive mutations to aquatic species.
On April 30th the City of Lone Tree is asking you to empty your medicine cabinet of all unused and unneeded medicines. Proper disposal of pharmaceuticals is as important as proper disposal of motor oil and other household chemicals. Please take advantage of this free service and help protect our environment for future generations. This event is available to all metro Denver residents. Event Details
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DENVER REAL ESTATE MARKET TRENDS
Residential (use the scroll bar on the right side of the chart to view all four graphs)
Condo and Townhomes (use the scroll bar on the right side of the chart to view all four graphs) .
March 2011 Real Estate Market Trends
March 2011 % CHANGE vs Prior Month % CHANGE vs Year Ago
SINGLE FAMILY (Residential and Condo)
Homes for sale 17,707 2.01 -11.60
Homes under contract 3,571 -3.30 -39.55
Homes Sold 3,209 43.97 -10.91
Average days on market 119 -4.27 36.44
Average Sold Price $249,644 2.86 0.30
RESIDENTIAL
Homes for sale 13,712 2.38 -8.52
Homes under contract 2,887 -2.24 -37.83
Homes Sold 2,527 42.77 -9.78
Average days on market 117 -4.88 36.05
Average Sold Price $273,877 3.24 -0.39
CONDOMINIUM
Homes for sale 3,995 0.76 -20.75
Homes under contract 684 -7.57 -45.84
Homes sold 682 48.58 -14.86
Average days on market 125 -3.10 40.45
Average sold price $159,853 2.70 1.28
DENVER REAL ESTATE NEWS
Stapleton is Denver’s #1 Master Planned Community in 2010 Read More
January home prices down 2.3% from January 2010 according to Case-Shiller home price index. Read More
New home construction slows in the first two months of 2011. Read More
Shea Homes receives the J.D. Power Customer Service Champion Award. Read More
Luxury home prices up but sales down compared to February 2010. Read More
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U.S. NATION REAL ESTATE NEWS
Distressed sales account for 39% of all re-sale homes sold in February. Read More
Existing-home sales fell in February after three months of gains. Read More
U.S. home prices down compared to a year ago but up 4.2 percent from two years ago Read More
Pending home sales have risen 20 percent since bottoming out in June 2010, following the expiration of the homebuyer tax credit. Read More
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FORECLOSURE NEWS
Foreclosure sales in February declined 19.6 percent from February 2011. Read More
Use this link to view foreclosure filings listed by County Read More
2010 foreclosures accounted for 24.7 percent of all sales in Colorado Read More
23 Percent of U.S. Mortgages Are Underwater Read More
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ECONOMIC NEWS
Colorado unemployment rises to 9.3% Read More
U.S. unemployment dips to 8.8% Read More
Qwest, CenturyLink complete merger Read More
Colorado 14th in average personal income Read More
Consumer spending measure surges Read More
Colorado economy lost jobs in last decade Read More
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OTHER NEWS
Kaiser scores first in J.D. Power ranking Read More
New solar power plant commissioned in Alamosa County commissioned Read More
‘The end’ for Colo. film-incentives bill Read More
Malone now biggest U.S. landowner Read More
LEGO to open 2nd Colorado store at Park Meadows Read More
Mile High Music Festival canceled for 2011 Read More
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THANK YOU FOR YOUR BUSINESS AND REFERRALS!
If you or someone you know is thinking about buying or selling a home any time in the next year, please call to let me know. It would be my pleasure to contact and work with your referral. My commitment to you is to treat them with the utmost care as they work towards buying or selling a home. Referrals are the core of my business and are always appreciated.
Free Real Estate Tools
When searching homes for sale anywhere in the Denver metro area use this link, Interactive Map-Based Home Search. This interactive, map-based home search tool makes looking for homes fun and easy. If you are interested in a specific neighborhood, whether it is your current neighborhood or the one that you hope to move to someday, this site can send you e-mail notifications when new homes come onto the market. Happy home searching!
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Would you like to get an up-to-the minute report of homes sold and homes currently available in your neighborhood? Go to www.MetroDenverRealty.com and click on the Market Snapshot link. Please call with any questions or comments.
Welcome to the March edition of the 2011 Denver Real Estate Market Newsletter. The purpose of this newsletter is to keep you informed of Denver’s real estate market.
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KELLER WILLIAMS IS NOW THE SECOND LARGEST REAL ESTATE BROKERAGE!
In 2010 Keller Williams Realty surpassed Century 21 becoming the second-largest real brokerage firm in the United States! Keller Williams took the number two spot with more than 77,000 associates just two years after claiming the number three spot from RE/MAX® International. Despite contraction within the industry Keller Williams has had 5 consecutive years of growth. With a business model focusing on providing the very best tools and training to their agents, in turn benefits all of our clients. In fact, J.D. Power and Associates rated Keller Williams highest in overall satisfaction from home buyers among the largest full-service real estate firms. The third year in a row!
GOING SOLAR
For years my wife Jenny and I have looked at installing a photovoltaic (PV) solar system on the roof our home to capture sunlight and convert it to electricity. In 2006 we received a bid to install a 4.16 kilowatt (kW) PV system which would have met approximately 75% of our annual electrical usage. The cost of that system was $33,000 and after the Xcel Energy and government rebates our actual out of pocket cost would have been just over $12,000. Unfortunately, with two very small children in tow, we didn’t have the extra $12,000 sitting in the bank.
Fast forward to 2009, Morgan Carol, Colorado State Senator from Aurora, sponsored a bill that would allow qualified third party institutions to finance the installation of PV systems. This bill, which was signed into law by Governor Ritter, created a new market that would allow a company such as Solar City (add link to website) to own and operate PV systems and lease them back to homeowners and corporations. Rather than having to buy their own PV system, a homeowner could have a complete solar system installed on their roof and pay a monthly lease to Solar City in lieu of having to make the large initial capital expenditure.
Next month we will be installing a 6.3 kW PV system on the south and east planes of our roof. This larger system will actually produce 123% of our annual usage, i.e. we will be generating more electricity each year than we are now using and will be selling back excess electricity to Xcel Energy. The program offered by Solar City is called the Zero Down SolarLease. The cost of our monthly lease to Solar City is nearly the same amount as what we paid to Xcel Energy . Even though we may not save any money in 2011, we expect to save thousands of dollars over the next 20 years as utility rates are expected to increase.
If you think that your home may be a good candidate for solar, please call or email Lizzy Eldridge with Solar City (303-549-7971 or ealdridge@solarcity.com). Simply provide her with your address and she can look at online maps to see if your home is a good candidate. At that point, just schedule an appointment with Lizzy or one of the other solar installation companies that offer a solar lease program.
Use this Link links to learn more about PV photovoltaic systems, SolarCity and the zero down SolarLease. Read more…
Welcome to the February edition of the 2011 Denver Real Estate Market Newsletter. The purpose of this newsletter is to keep you informed of Denver’s real estate market.
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This month’s highlights:
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BUYING A HOME VS RENTING
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There are several economic factors affecting the value of our homes and the strength of the real estate market here in Denver. Looking from a simplified point of view, our real estate market responds to the fundamental economic concept of supply and demand. As demand increases, the real estate market strengthens (supplies decrease and prices increase). When demand decreases, the real estate market weakens (supplies increase and prices decrease).
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Over the last several years we’ve seen demand decrease due to higher unemployment, low job creation, and low consumer confidence. One other important factor affecting demand is the relationship between the cost of renting a home vs the cost of buying a home. When the cost of renting a home is greater than the cost of home ownership, people are inclined to own a home rather than rent thereby increasing demand. When the cost of ownership is greater than the cost to renting, there is less incentive to buy so people end up renting thereby decreasing demand.
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According to Trulia.com, which released its latest Rent vs. Buy Index for the first quarter of 2011, it is better to buy a home in Denver than rent. Rents have been on the rise over the last few years as more potential homebuyers chose to rent. People may choose to rent rather than buy because of difficulty in qualifying for a home mortgage, stricter bank lending practices, under employment, and former home owners being forced to become renters because of foreclosure. When comparing the increased cost of renting with the increased home affordability, it is less expensive to buy than rent in Denver.
View Denver Market Graphic (Link No. 2)
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SITTING ON THE FENCE AND TIMING THE MARKET
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When investing in the financial market, investors work to maximize their returns by timing the market; buying low (at the bottom) and selling high (at the top). While this sounds logical it often times isn’t what happens. Investors make decisions based on emotions (greed and fear) and as inventor sentiment converges, whether with euphoria or fear, investors move in a herd like manner in an attempt to maximize their return. This ‘herd’ behavior has resulted in many market bubbles and subsequent crashes through-out the history of our modern financial markets.
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Warren Buffet, arguably one of the most successful investors of our time, created enormous wealth by understanding these emotions. He said, “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” When fear is greatest he is a buyer, when there is over-optimism in the market he remains the most cautious.
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The financial markets are analogous to our real estate markets. Today, many buyers are ‘sitting on the fence’ either because of fear or because they are trying to time the market in search of the bottom. As the picture below demonstrates, there is limited time to buy (at or near the bottom) before the ‘herd’ accepts that the markets are improving and buyers begin to buy. Unfortunately, by the time they get off the fence prices are on the rise and buyer competition is increasing.
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Welcome to the first edition of the 2011 Denver Real Estate Market Newsletter. The purpose of this newsletter is to keep you informed of Denver’s real estate market.
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GARAGE DOOR ALERT!
I decided to start this newsletter with the following security alert. I’ve seen a lot of videos go viral on YouTube and as impressive as they appear they are often fake. After watching the following video, showing someone breaking into a garage, I had to go out into my garage and verify what I had seen. My garage door design was exactly the same as the one in the video that had been easily opened using a wedge and coat hanger.
The good news is that I found another video showing how to protect your garage and home using a zip tie. Caution – use a small enough zip tie so you can break the zip tie by pulling the handle in case of an emergency.