We are a proud of our state, aren’t we? Maybe even, dare I say, arrogant, when it comes to Colorado? After all, we boast over 300 days of sunshine, are home to the esteemed Air Force Academy, and live in a place so stunningly gorgeous that Katherine Lee Bates wrote “America The Beautiful” while drinking in the views from Pikes Peak. (We will get to ‘drinking’ later.)
Colfax Avenue is the longest continuous road in North America, we host the largest rodeo, the Great Sand Dunes are a national monument considering the 46,000 acre park was created over a million years ago from wind and ocean waters, and we are the only city to turn down an offer to host the Olympics – we did not want the cost or the pollution to damage our beloved Colorado.
But that’s just the beginning. Recent news has only added to our egos because:
We Have Brains:
“America’s Brain Health Index”, a study conducted by the National Center for Creative Aging — ranks Colorado third in the nation for brain health. Researchers examined 21 criteria, including everything from physical and mental health, diet and social well-being.
Coloradans earned their high ranking, the report says, by “taking care of their physical and mental health and maintaining a diet rich in DHA-fortified foods and supplements.”
We Have Jobs:
Denver ranks No. 1 for professional and technical job growth.
Denver is No. 3 — and Colorado is No. 4 — among the top 10 cities and states for job growth, according to an Arizona State University report.
Colorado also ranks No. 1 for the rate of growth of government jobs.
We Have Beer!:
Denver was recently voted as the 2nd best city for beer drinkers. Why? Because we have 154 breweries and lots of hip craft brews, including Denver Beer Co. and Great Divide Brewing. And we host the Great American Beer Festival, one of the largest beer events in the country.
We Have Equity In Our Homes:
A National Association of Realtors report proves that not only is Colorado a great place to live, it’s a great place to buy. The following 10 real estate markets have realized the greatest equity appreciation since the fourth quarter of 2010, due to relatively low prices, low mortgage rates, and investor demand
1. San Jose
2. San Francisco
4. Los Angeles
5. San Diego
9. Cape Coral-Fort Myers
So what does this mean for you? Well – you are smart, happy, employed, beer-loving people who should consider buying your next home! See how I did that?
All jokes aside, the real estate market is healthy and the trend seems to moving in the right direction. When it comes to purchasing or refinancing or even remodeling, investing in Colorado is a sure bet. And we didn’t even need a fancy report to tell us that.
There are about 7,000 homes listed now in the Denver area, and Denver is the third most googled city for real estate. It’s a very popular place to live, which indicates that this is a historically low inventory considering there’s a hot real estate market! These are 7,000 more reasons to have a seasoned broker who knows Denver.
In the current Inside Real Estate News, Lane Hornung puts some of the reason things aren’t out the door is because they’re stale. They’ve been on the market too long, past 60 to 70 days; any new listing gets all the attention. Lane says that price is a huge factor with stale houses. Homeowners need to price appropriately because buyers and sellers are savvy – hopefully because they’re listening to their brokers; that’s where the advice is issued from. The best Realtors know the area and the correct values for properties. It’s on their opinion that sellers sink or swim. Hornung claims that there are psychological dangers in having a stale listing, and that it’s worse in a hot market. That’s where the seasoned broker will correctly analyze why a stale house doesn’t sell and get the owner on track.
Living in Metro Denver for 30 years is necessary experience for buying or selling a home. Those decades of perspective make a broker truly knowledgeable. Ann Meadows is one of the best Realtors to contact if you’d like to sell or buy a home in Denver Metro.
It’s good news for the Denver housing market. According to the latest S&P/Case-Shiller Home Prices Index, which was just released yesterday, home prices are at a five year high for the city of Denver. The S&P/Case-Shiller Home Price Indices are “the leading measures for the US residential housing market, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions.”
According to the Denver Business Journal, “The only major markets with greater gains than Denver in the year ending in September were Phoenix (up 20.4 percent), Minneapolis (up 8.8 percent), Detroit (up 7.6 percent), San Francisco (up 7.5 percent) and Miami (up 7.4 percent).” Home resale prices in Denver have not been this high since October 2007, when the index read 136.08.
“Home prices rose in the third quarter, marking the sixth consecutive month of increasing prices,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.
To read more about the Denver housing market visit the Denver Business Journal. Click here to read the entire S&P/Case-Shiller Home Prices Index report.
According to a new Price Waterhouse Coopers report, the city of Denver is one of the country’s top 20 real-estate markets to watch. Scott Webber, president of Fuller Sotheby’s International Realty, told 9NEWS that City Park, downtown Denver and Castle Pines Village are “growing areas.”
The Price Waterhouse Cooper report listed Denver 14th on the list of “U.S. Markets to Watch: Overall Real Estate Prospects.”
The Denver Business Journal has listed some of the report’s findings:
• Denver ranks eighth among promising investment markets, moving up three spots from the 2012 report, due to “strong growth potential. … An attraction is the city’s central location in the country’s southern and western regions, as well as Denver’s ever-expanding international airport.”
• The city ranks 14th in development prospects.
• Denver ranks 15th in homebuilding.
“Real estate continues to be an attractive asset class because of the low interest rates, because there’s still better returns than bonds and it’s not as volatile as the stock market,” says Price Waterhouse Cooper’s Wendy McCray, partner in the assurance practice for the Denver PwC office.
To read more about the report visit the Denver Business Journal.
As the Denver real estate market continues to gain momentum, it is important to understand the current market conditions. Especially for those who are looking to buy or sell a home. I curated a couple of articles from different resources to help you make informed decisions. I hope you find these articles useless.
- Colorado is ranked the 5th best housing market in the nation according to 24/7 Wall Street.
- 9NEWS is reporting that new home construction in Denver is adding to job market.
- CNNMoney Magazine named 5 Colorado cities– Castle Rock, Highlands Ranch, Centennial, Boulder, and Fort Collins — to their Top 100 Places To Live in the United States.
- According to the Gazette, fewer homeowners are “upside down on mortgages.”
- 9NEWS is reporting that the “Denver real estate market is hot!”
- According to the Denver Business Journal, Cherry Creek is getting a 12-story luxury apartment complex on the corner of East First Avenue and Steele Street.
- According to the Denver Post, metro Denver home sales in September are the “best since 2008.”
Now that the Denver real estate market is rebounding, it is the right time to buy a home. If you are looking for help in navigating the current real estate market give me a call at 888-860-1931.