87% Don’t Want to Sell & Move

The latest Zillow Housing Aspirations Report found that 83% of homeowners love their home and 63% of them have no plans on selling their home. And 76% of homeowners would rather spend money remodeling their current home instead of a down payment on a new home. Further, 87% of people who are 55 and older…

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Chevys, Buicks, and Cadillacs

I thought of this analogy for our real estate market in September. Home buyers were looking primarily for Chevys and Buicks; but “dealer” inventory consisted primarily of Cadillacs last month. Remember, 70.3% of all completed sales last month were in the $300k-$600k price range (Chevys and Buicks); whereas only 54% of our active listings were…

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Home Sales Dropped by 16% Last Month

I reviewed the 7 county MLS sales report for September. The biggest takeaway is why did the number of sold properties drop by 16% from last September? I thought rising interest rates that began with the August Jobs Report on September 7th might cause under contracts to drop as rates rose by ¼% last month.…

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“Balance of Power Shifting in Denver’s Housing Market”

This was the top story in the business section of Sunday’s Denver Post. I will highlight a few facts and quotes from the story. According to DMAR stats, our home inventory levels in September were the highest we have seen since the fall of 2013. One the hardest tasks for agents today is convincing sellers…

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Why Housing is Slowing Down

The Denver Business Journal had a great story they shared last week from the NY Times about Denver’s real estate market. It was titled, “Housing market slows as prices outpace wages.” As evidence of this are fewer existing homes selling and building permits are dropping nationally.   The story said, “Few analysts expect an outright…

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“But, I Don’t Want to Overpay”

This is another objection we hear often. So how do you answer this objection? Same as last week…buy now and wait.   I remember thinking this myself 5 years ago when we bought our new home and we got in a bidding war and we had to pay $11,000 over list price which I believed…

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We have the Lowest Mortgage Delinquency Rate

According to CoreLogic our nation’s mortgage delinquency rate in June dropped to 4.3%, down 0.3% from a year ago. Colorado has the LOWEST delinquency rate in the country yet again at just 2%. Metro Denver’s delinquency rate was just 1.8%, 2nd lowest in the country after San Francisco.   So, out of 1,000 homes owned…

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Why There Are So Many Price Drops

The Denver Business Journal had a great story about the price reductions we are seeing in our market based on DMAR data that I will share with you. In August, 33% of all sold homes reduced their prices before selling and these homes sold in an average of 48.3 days. Whereas, the 67% of homes…

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Downtown Denver Office Market is Exploding

Real estate advisory firm Newmark Knight Frank said that businesses will move into more than 1 MILLION square feet of downtown Denver office space this year thru 2021. On average since 1980 businesses have moved into 322k square feet a year. So, this is more than a 300% increase. WOW!   I read another story…

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“But, I Want a Deal”

How often do we hear our clients say this? Maybe every day. And how do you answer them? As part of the SMDRA Statistics Committee we have discussed this and here is how you get a deal. WAIT.   Buy now and wait a couple quarters or even a year. Home prices are rising by…

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