Last year, the real estate market was, well, crazy. I mean crazy in a good way. Crazy can be good, unless it involves people behind the wheel of a car or B-list celebrities.
In 2013, homes were flying off the proverbial shelf, sometimes going under contract within three hours of being listed. The median price of homes rose and foreclosures dropped and mortgage rates were actually affordable – good, good, and more good.
So what does that mean for 2014? While 2013 was a fantastic year for real estate, it doesn’t mean 2014 won’t be great. Granted, 2013 is a tough act to follow; but predictions for this year are positive, with experts believing that home sales will remain at or near the current level and prices will hold steady or even rise a bit. There will likely be a better balance between buyers and sellers, alleviating the panic buyers, concerned with the reality of losing the house of their dreams, felt this past year.
What can you do if you are hoping to buy in 2014? Reach out to me or you personal Realtor now rather than later and provide me with your wish list. Be specific, but flexible. As Realtors, we are constantly touring homes, talking with sellers, and learning of properties that are not yet on the market but may be coming soon. By sharing your wants and needs with us now, you are one step ahead of other buyers in the marketplace.
Thinking of selling this year? Be cognizant of that fact and keep it in the forefront of your mind when making big and small decisions, including renovations, welcoming new pets into your world, and even buying non-essentials for your home. Remember that you are planning on showing your property at some point, and when that happens, you will have to de-clutter and clean to position your property in the best light.
Got a leaky faucet or a non-working fireplace? Tackle those projects now to avoid the mad dash later. And now is not the ideal time to housetrain a puppy (is there ever a good time for this job…I’ve done this more times than I can count and let me just say, wow?!) or paint your bathroom Bronco’s orange or start collecting bottle caps from around the globe. You can do all of those things in your next house – for now, keep it simple and save yourself some crazy.
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.
The Denver luxury home market is seeing a huge increase in homes sold in August. According to a report released by Coldwell Banker Residential Brokerage, 73 homes sold for more than $1 million in August 2012, up 38% from last August “when 53 homes changed hands.” Other signs that the luxury market is gaining momentum is the speed of which these homes are selling. On average, in August 2011 it took 150.4 days for a luxury home to sell, where as in August 2012, homes sold in 139.2 days. Sellers also received a higher percentage of their asking price.
Here are some of the findings on Coldwell Banker Residential Brokerage luxury report:
- The most expensive sale in the Denver area last month was a four-bedroom, six-bath home in Denver with more than 7,300 square feet that sold for $3.5 million.
- Denver also boasted the most million-dollar sales with 18, followed by Boulder with 15 and Greenwood Village and Cherry Hills Village with nine each.
- There were six multi-million-dollar sales last month, down from 11 a year ago and 10 in July.
If you are looking to buy a luxury home in the Denver area please contact Ann Meadows at 888-860-1931.