What's happening this summer in real estate?
Well, its still pretty crazy out there! Here are the broad strokes: Inventory is up slightly this summer - the number of new listings this May versus the May '17 is up 7%. This is very much needed in our market as our average days on the market is a short 27 days. The average sold price of single family homes in Denver is up 11% year over year, just under 488k. For sellers, we're still spending a lot of time, and often money, to ensure homes are perfect in order to get higher prices and bidding wars. For buyers, we're working to get you into homes as soon as they hit the market and write competitive, smart offers that get accepted.
Here are your Monthly Market Trends: Denver Metro Area
The Foreign Investment in Real Property Tax Act of 1980 may not be on the forefront of your mind, but it should be! If you are selling your home and are a foreigner, you may be subject to federal and state withholding that can be a lot of money. If you are a buyer, the way this provision works is that you are responsible for confirming the seller's proceeds have been subjected to additional tax withholding. Title companies do a lot to ensure this is met, but the Colorado Real Estate Commission will be changing our contracts next year to add some additional protection for everyone. Want to know if you may fall into this bracket? Call your tax professional before you sell your house and be sure to tell us before your home hits the market!