May/June Real Estate Update

Coming Soon

Two Listings Hitting the Market on June 2nd- They Will Go Fast!

3200 S Elm Street- $335,000 9,390 Sq. Ft. Corner Lot for Sale in University Hills- Aerial Photo featured above.  This ideal development site, 3 Blocks from the Highline Canal will go fast!

1434 Willow Street - $300,000 Rare 4 Bed, 2 Bath home with Master Suite on a 6,250 Lot in Denver!  Ideally located between Mayfair, Lowry and Stapleton, this home offers tons of value and future potential!

Denver VS Other Cities

Denver continues to be one of the hottest real estate markets in the country in 2016.  With projected home sale price increases of 5% this year, buyers are still finding value in a very competitive market.  Realtors attribute our strong market to a lack of inventory, low unemployment and a continued population growth fueled largely by Millennials. This chart demonstrates the Metrolist's YTD changes in our marketplace- notably the decrease in inventory with a market increase in Sales price.

Although price points in Denver are historically higher than ever before, many recent transplants to Denver find that homes are more affordable than where they came from.  Compared to most coastal cities, Denver’s pricing is only a fraction of many major markets.  This affordability combined with a healthy job market and close proximity to year round outdoor activities make Denver an appealing destination for thousands of new residents each year.  Even with the recent boom in real estate prices, Denver continues to outpace the rest of the country in population growth and does not show signs of slowing down.  Here's a look at how Denver County and Boulder County have specifically fared from April of 2015 to April of 2016.

Boulder County.jpg

Appraisals

The topic of Appraisals is coming to the forefront for both Sellers and Buyers in this current market.  For Sellers,  although today's market is robust, it is more critical than ever that their  Listing Broker present them  with viable comps for pricing so that at the time of Buyer's Appraisal, Seller has confident knowledge and data to support the Contract price.  For Buyers, please ensure you are using a lender who has a qualified pool of Appraisers.  Because the lender actually orders the Appraisal from a third  party, the Buyer does not get to choose  the Appraiser.   We have seen conflicts arise whereby an Appraiser may be qualified, but not specifically in the property neighborhood.  As we all know there can be a significant  influx of price differential between a Washington Park property and  a Whittier property.  In addition, a qualified Appraiser will be able to accurately value a "one of a kind" property where "like" properties don't exist.   An inexperienced Appraiser does not have that capability. There is nothing more diasappointing on  both the  Seller and Buyer side than when an Appraisal does not substantiate a contract price.   We want you to take steps to avoid this situation before it occurs.   

Winners and Losers in America's Housing Markets

The Washington Post recently featured an interesting interactive article on how your zip code has fared since 2004.  Sent by a few clients, it's worth a look!  Always feel free to send us what you find interesting in the news!

Washington Post Article: American's Great Housing Divide