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Denver Apartment Construction Down 51%
RENTCafe is estimating that metro Denver will only add 5,700 new apartment units this year, a HUGE drop of 51% from last year, the second biggest drop in the country of the 20 largest cities. Nationally, new rental construction is expected to be down 12%. Why is construction of new apartments in Denver down so…
The 2 Best Home Price Appreciation Reports
The Case-Shiller Home Price Index revealed home appreciation of 7% in September versus September 2019 across the country. Here in Metro Denver our homes appreciated by just 5.4%. The Federal Housing Finance Agency or FHFA who oversees Fannie and Freddie also released their 3rd quarter Home Price PURCHASE Index which measures home price appreciation on…
Bad News for the Self-Employed
Fannie Mae and Freddie Mac are tightening the screws even more on self-employed borrowers as they are now requiring that underwriters review 3 months of business bank statements and not just the previous two months as required earlier. Underwriters not only scrutinize a self-employed borrower’s tax returns from the last year or two, but they…
Demand Is Increasing Twice as Fast as Supply
Here is our second SMDRA Stats Video for October on the topic of supply and demand. Supply increased by a large 14% in October year over year as measured by New Listings. However, demand rose much faster-28% increase year over year in Pendings and a 25.6% increase in Solds year over year.
Loan Limits Increase
Fannie and Freddie increased their conforming loan limit to $548,250 across the country effective January 1st. This is a 7.50% increase. Here for metro Denver our new High Balance Loan Amount will be $596,850, an increase of only about $22k. This limit didn’t increase as much as the conforming loan limit increase. We can’t close…
SMDRA Stats Video #1
Down below is the video link from SMDRA for the first of 5 videos that I and Lynn Snyder Goetz from Keller Williams recorded recently on our October Stats. This video focuses on the continued drop in our months of inventory and the corresponding price increases we are witnessing. https://www.youtube.com/watch?v=z9gYqQ…e=youtu.be
Could Mortgage Rates Drop Another ¼%?
One of my mentors, Barry Habib, was on Fox Business last week talking about mortgage rates. He is not concerned with mortgage rates spiking to 4% next year; but he could see rates “flirt” with 3% or 3.25%. Second, he tells the audience that our country’s surging national debt will cause economic growth to slow…
Another Sign Our Economy is Doing Well
Retail Sales rose 0.3% in October according to the Commerce Department and retail sales are up a large 5.7% from last October. This is pretty amazing to me when you consider what has happened this year. Who would have predicted this? Back in April retail sales were down 20% from the previous April. Now, retail…
National Housing Numbers from Elliot Eisenberg
For the nine months ending 3/20, 14% of all homes purchased were priced at $500,000 or more. Between 4/20 and 6/20, that percentage jumped to 25%! Relatedly, since the start of Covid-19 home buyer median income is $110,800 compared to $94,400 for pre-pandemic purchasers. Not surprisingly, the percentage of first-time buyers was just 31% for…
Nearly 30% of Denver Homes Sell For More than List Price
Zillow released a report on the number of homes selling for more than list price in Denver and throughout the country for the month of September. Here is what Zillow found- Nationally 22.4% of all homes sold above their listing price in September. Here in metro Denver nearly 30% of our homes sold above their…
Baby Chasers Are Still Moving Here
Zondo, a RE Analytics firm, released their latest Baby Chaser Index which measures the number of Baby Boomers moving to a new city to be near their kids and grandkids. In fact, a Zonda survey reveals that 25% of Baby Boomers plan to retire in a location near their grandchildren. Here are the Top 10…
Rents Are Dropping in Major Cities
The October Rent Report from Apartment List revealed over 10% decreases in average rent in the cities of San Francisco, NYC, Seattle, Boston, San Jose, and WA D.C. Locally Apartment List reported rent in the city of Denver was down 5.2% last month versus October 2019. Smaller cities like Boise, Toledo, Chesapeake, Greensboro, and Reno…
