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Buying a Home is the Most Stressful Event
A survey by Homes.com of 2000 Americans who recently bought a home discovered that 40% of them said buying a home is the most stressful event in modern life, even more stressful than a job interview, applying for college, or hosting Thanksgiving dinner. “First-time homebuyers are often stressed and overwhelmed when making such a large…
3 Local Economic Facts You Need to Know
Colorado’s GDP grew by 4.5% from the first quarter of 2017 thru the first quarter of 2018; double the pace of our national average. For the last 12 month CO has added 74k new jobs, a growth rate of 2.8%, good for 5th best in the country. Denver is the nation’s #6 “Boomtown” according to…
Land Sales Are Booming
I read a great story at CO RE Journal on how hot demand is for land in metro Denver. Mike Kboudi, senior managing director at the Denver office of Cushman & Wakefield said, “There has never been a time in Denver area history when there has been so much interest to buy property for residential…
I Wish We Had 4 Months of Inventory
NAR reported 2nd quarter sales for the nation last week. Median prices increased 5.3% over the last 12 months to $269k. But, the number of home sales dropped by 1.7% from the first quarter and were down 2.4% from the second quarter of last year. Across the nation we had 1.95 million homes for sale,…
Redfin Reports Disappointing Home Sales
Redfin’s CEO reported last week that home buyer demand is waning in Seattle, Portland, and San Jose as June sales in these markets were down by double digits and inventory levels increased by double digits too. Redfin CEO Glenn Kelman said this trend continued in July in these 3 cities and agents and managers in…
The Other Shoe is NOT Dropping
I read this story in the CO RE Journal about our apartment market in the second quarter. Gary Bruteig’s Apartment Appraisers & Consultants has taken over the creation of the quarterly apartment report. The vacancy rate dropped by 0.61% to 5.2% in the 2nd quarter Average money rent rose 3.9% from a year ago to…
How to Make 28% a Year Tax Free
According to Realtor.com analysis of home sale data for the last 12 months homeowners in metro Denver earned an average annual return of 11%, good for 6th best in the country. However, they just compared home prices from buy to sell dates, they didn’t include the factor of Leverage that we as a mortgage company…
Zillow to Start Buying Denver Homes
Zillow announced last week that Denver will be the 4th city in which homeowners can ask Zillow to make them a cash offer for their home. Within 2 days of receiving the offer Zillow will make a no-obligation cash offer or they will pass. If the offer is accepted Zillow buys the home, prepares it…
Why New Housing is So Expensive
I read this story from FIXR about the cost to build a home in the U.S. in 2017 according to a survey of 4,267 home builders building the average home with 2,776 finished square feet on a 11,186 square foot lot. The national average cost to build the average new home was $237,760. This does…
Why Millennials Are Not Buying Homes
The Urban Institute recently released a report on why Millennials are not buying houses and they discovered for Millennials ages 25 to 34, their homeownership rate is 8 percentage points lower than it was for Baby Boomers and Gen X at this age. Why? Millennials love living in high cost cities where it’s tough to…
Record Low Unemployment for CO
Aldo Svaldi wrote a great front page story in the Denver Post on July 22nd about how incredibly tight our labor market and how that is challenging businesses and slowing growth in our state. Here are some key facts— Colorado’s unemployment rate in May was 2.8%, the 19th consecutive month at 3% or below. This…
2 Denver Facts You Need to Know
Wallet Hub ranked Denver the 12th best city to live in for cities with a population over 300k. CO Springs ranked 9th and Aurora #22. Wallet Hub looked at 5 factors: affordability, economy, education and health, quality of life and safety. The Denver Post ran a story last week from Yardi Matrix data that said…
