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The President’s Plan To Increase Housing Supply

President Biden two weeks ago unveiled a new plan to hopefully increase the supply of housing and I applaud him for doing so. He wants to close the housing gap over the next 5 years by expanding sweeteners and reducing regulatory hurdles. Here are some details of his plan · Expand existing federal subsidies for…

New Home Sales Plummet

Last week the New Home Sales Report was released which measures signed contracts on new homes. Think of it like a pending sale on an existing home. Signed contracts dropped by 17% from March and sales are down a whopping 27% year over year. The new home sales pace is down to only 591k sales…

Is This Why So Many Buyers Are Shocked By Home Prices?

All of my home buyers this year have been forced to pay anywhere from $50k to $200k more than they thought they would have to pay to buy their new home. I think I know why. First, consumers typically start shopping for homes online at least 4-6 months before they start writing contracts on homes.…

4 Important National Real Estate Stats

In April, 61% of home offers across the country faced a bidding war, down from 67% a year ago on an adjusted basis, according to Redfin. But compared with April 2019, when about 15% of offers faced competition, it’s still a very strong sellers’ market. 444 Nationally, the share of homes marked down last month…

7 Home Remodels to Avoid

In this video I discuss the 7 mistakes we see people make including finishing the basement and converting a small 2-bedroom home into 1 bigger bedroom upstairs. I also know that window replacement costs vary hugely by company and its easy to overspend. This is a good video for you to share with your clients.…

My Thoughts on the Current Market

Since June 2020 when our RE market “re-opened” after COVID shutdowns we have had 1 month of inventory or less of homes for sale. For the last 23 months we have averaged 0.57 months of inventory. What has happened to median sold home prices (attached and detached)? · Median sold prices are up on average…

Denver is the 2nd Hottest Real Estate Market Right Now

Here is the latest 7-county RE Stats report for the month of April courtesy of Jennifer Costello at REColorado and SMDRA · 4,867 properties sold and closed last month, down 6.3% from last April and up 32% from April 2020; but remember 2nd quarter numbers from 2020 were skewed down because of Covid. · April…

Tales of Inflation

Last week Minneapolis Fed President Neel Kashkari said he’s confident the Fed can get inflation back down to their 2% target, but it will take longer than expected as their only tool is to lessen demand. The Fed can’t help increase supply of goods, products, and commodities. But, he was confident last year that inflation…

Did We Gain or Lose Jobs in April?

The Bureau of Labor Statistics released their Jobs Report last Friday and here are the details- · Our economy created 428k new jobs last month according to the employer survey. · The household survey showed 353k job losses while the labor force decreased by 363k which kept the unemployment rate steady at 3.6%; but for…

Are Home Prices Overvalued?

Moody’s Analytics last week reported that 96% of 392 MSAs are overvalued and 149 of them are overvalued by 25% or more including Denver at 35% overvalued. Mark Zandi their chief economist believes that home price appreciation nationally a year from now will show ZERO appreciation across the country and some areas may see 5%…

When Will Denver Home Prices Drop?

One of the top questions or comments I am receiving from consumers is when will Denver home prices drop as I may wait to buy until this happens. I bet you are getting these questions and comments too. Metro Denver real estate prices have dropped twice since 1970 and we will take a deep look…

Apartment Vacancy Rate Remains Less Than 5%

The Apartment Association of Metro Denver released their first quarter apartment vacancy report last week and here are some stats for us- · The vacancy rate remained at 4.3% in the first quarter matching the 4th quarter. The vacancy rate a year ago was 5.5%. · Average apartment rent last quarter was $1765, an increase…