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More Remodeling is Bad News for Our RE Market

MetroStudy released their 4th quarter Residential Remodeling Index Report on Friday. This report details activity in the home remodeling business. The RRI reached a new all-time high in the 4th quarter at 111.3, a 4.9% increase from a year ago. This is the 23rd consecutive quarter of year-over-year gains since 2011. Second, MetroStudy’s forecast for…

Should I Wait to Buy a Home?

This year is starting out crazy, once again with bidding wars on lots of homes. So, should you wait until summer when the market cools off? Lets look at the numbers and you tell me. Over the last 5 years median residential home prices (detached and attached) have risen between January and June by an…

Builders are Behind by 62k Homes

I wrote 2 weeks ago about a story in the Denver Post about our shortage of homes for sale and the story said we are 32,000 homes and apartments short according to the report’s author. However, I printed out a chart from that story from the state Demography Office which showed the number of new…

Want a Great Deal on a Home?

I received the 7 county MLS report last week and I see that new listings in January increased 7.7% from last January and new listings are up by 6.1% above our last 4 year average, which is a good first step. 3,907 homeowners listed their homes for sale last month. However, in January 2011, we…

Why Amazon Would Love to Move Here

University of Michigan professor and Brookings Institute fellow William Frey, delves into the question, “Where do the most educated millennials live?” Metro Denver has the 10th highest rate in the country at 46% of Millennials that live here have a college degree.   This is incredibly important to Amazon and where they open their 2nd…

Nearly 100 Showings on This Home

Here is a story that was listed on CNBC last week and this home saw nearly 100 buyers go through it in 3 days and the home is priced at $500k! Two more agents have told me about homes receiving more than 200 showings in 1 weekend. https://www.cnbc.com/2018/02/05/why-nearly-100-people-toured-one-denver-home-in-three-days.html

Nationally, Builders Are Behind by 4.5 Million Homes

This is from Elliot Eisenberg one of my favorite national economists– “In 2017, 1.2 million houses were started. While that’s double the number of starts in 2009, the worst year on record, it’s still 400,000 starts below what’s needed based on population, job growth, and teardowns. This means we’re currently underbuilt by 4,500,000 units, with…

2018 Denver Economic Forecast

I attended Patti Silverstein’s 2018 Economic Forecast Lunch last week as I do every year and I sat in the front row like a good economics geek. LOL! Here is a sampling of what i learned— The St. Louis Fed forecasts there is <1% chance of a national recession this year. She is predicting that…

Where a Median Priced Home is Over $1 Million

I love reading about the Bay Area real estate market as it provides both perspective and lessons in what NOT to do. The San Jose Mercury News ran a great story on the 19th that I will cite here. It takes household income of $216k to buy a median priced home, both attached and detached,…

6 Reasons for Our Housing Shortage

I read a story in the USA Today dated 12/4 on the 6 reasons for our housing shortage nationally. These are all reasons I cover extensively in my Bubble class; but our country is experiencing a housing shortage that is finally getting attention this year. Boomers are NOT moving—75% of younger Boomers aged 55-64 own…

Over 50k New Jobs in CO

The Colorado Department of Labor and employment released their December Jobs Report for the state. Here are the highlights— Employers added 5,100 jobs in December. For the year employers added 53,200 jobs with 52,400 of those jobs in the private sector. This was an increase of 2% and the national average is 1.4%. This was…

“Denver’s Chronic Housing Shortage May Peak This Year”

Aldo Svaldi wrote a great first page cover story in the Denver Post on Sunday titled, “Denver’s Chronic Housing Shortage May Peak this Year, But the Fix Could Take Another Decade.” His story is based on a study that will be released this week titled “Factors Impacting Housing Affordability” that was authored by Phyllis Resnick,…