As much as things change, things remain the same. This is not news. But let’s talk about the news or, more specifically, the media.
I’ve been hearing complaints about the holiday season starting earlier and earlier every year (most of the complaints have been coming from yours truly, but it’s only because I am still busy with the leftover Halloween candy and I don’t want to be pushed towards candy canes just yet), but a recent article in The Denver Post points out that even as early as 1912, stores were promoting Christmas sales early in the season. One ad even boldly stated: “For the sake of humanity, shop early.” Wow.
So actually Christmas promos aren’t earlier every year, we are just led to believe that. In reality, things have pretty much remained the same.
So, imagine my surprise when I heard that owning a home was no longer the quintessential American Dream! And you thought the impending wine shortage was serious.
A recent report stated that nearly one in four people between the ages of 18 and 24 defined the American Dream as being debt-free. That’s good, right?. But what the poll was trying to convey is that more young people would rather be debt free than own a home, which throughout history was cited as part of the American Dream thanks to the societal status associated with home ownership.
But wait! The National Housing Survey of Delinquent Mortgage Borrowers study, conducted by Fannie Mae, asked questions about the importance of homeownership to those delinquent on their mortgages and 74% still see homeownership as better than renting.
So who’s right?
You’re right. Yes – you. Research and studies and polls and data can be skewed, so the only right answers when it comes to the question of whether or not to buy a home is whether it is the best decision for you now and in the future.
If you are, in fact, ready to buy, you should read my recent blog: Five Steps That Will Lead You Home, and remember that you would not perform brain surgery (I hope) if you were not a brain surgeon and therefore should probably not attempt home-buying without a professional at your side. A full-time, full-service Realtor with credentials and references is a good bet. Someone with CRS and ABR behind their name knows the ins and outs of the business while negotiating on your behalf. Realtors who have been in the business a long time know the pros and cons of different neighborhoods including everything from school districts to walking trails to resale values to the best floor plans for that perfect view.
If you are looking to buy or sell, I can help. In the meantime, enjoy that glass of cabernet before it’s gone for good.
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.
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.