I wanted to bring this month’s market update to you via video, but I’ve been bawling my eyes out over having to put down our awesome dog. We love you, Bronzey!
Some things you need to know:
Inventory levels for Denver metro area real estate are still extremely LOW! However, we have been seeing a cooling off which includes some price adjustments (especially in outlying areas), reduced foot traffic at open houses, and increasing number of days on the market. I’m not really sure of the exact cause other than buyers taking their time and waiting for the right house rather than taking anything they can get their hands on.
Here are some quick stats:
- Average active listings for July is 17,377 (taken from 1985-2016)
- Record high July was 2006 with 31,989 listings
- Record low was this July with 7,352 listings
- The average increase in active listings from June to July is 4.43%. 2017 represents a significant decrease of 0.8%.
- Average monthly rent rose to $1,419. Renters — this amount could purchase a 1,458 square foot home according to Zippia.com.
- Denver has experienced a 52% increase in rents over the last 10 years.
- Number of homes sold in July was down 19.66% over June and 8.29% over 1 year ago.
If you are preparing to sell, just as I said last month, correct pricing for your home will continue to be even more important going into the cooler weather months. For sellers right now, the best return on investment is fresh paint. Buyers tend to prefer light neutral tones.
I’ve still got the condo at 481 S Kalispell for sale! 2 bed/2 bath condo for $150,000 (sellers just did a price reduction)!
I’m also about to list a townhome off of Kipling and 285. It’s 3 bedrooms and 4 bathrooms. It backs to the Highline Canal (yes, it goes all the way out there!) and has a walk-out basement. All this for $270k!!
In addition, I have 3 gorgeous land lots for sale waiting for someone to build a custom house on them. One is up north in Hudson/Brighton area (not even listed yet; call me), one is in Littleton off of Santa Fe and the last one is in Castle Rock in Crystal Valley. Contact me for more details!!
Wells FargoLIFT Downpayment Assistance Program
Wells Fargo is doing their LIFT downpayment assistance program, which could get you a $15,000 downpayment assistance grant to purchase a home in the counties of Denver, Adams, Arapahoe, Douglas or Jefferson. Grants *do not* have to be paid back!
The first step is to attend the REQUIRED event on September 8-9 at the Denver Marriott Tech Center. CONTACT ME at firstname.lastname@example.org or 303-204-6494 for a copy of the flyer, which provides registration instructions. HURRY, though, because there is only enough funds for roughly 243 families and they anticipate 500 to apply!
Step two is to get pre-approved with a Wells Fargo Home Mortgage Consultant. You can do this any time starting August 21. You still need to have a mid-range credit score (620 or higher), and there are income limitations ($67,100 for a family of four; if military/police/fire fighter/EMT/teachers, the limit is up to $83,900). Call Kerry Baker, Wells Fargo Home Mortgage Consultant, for more info at 720-876-2408 and tell her I sent you.
What to Do this Weekend
It’s not just a normal Flea – it’s a “Super Flea”! This weekend, Denver Flea is popping up in RiNo at the first annual Velorama Festival in a three-day street party celebrating the Colorado Classic and bicycle culture in the Centennial State. Come shop with 200+ Denver Flea makers and retailers, and then stay for local craft beers and cocktails, stellar food trucks, a bike expo, and nightly concerts featuring bands like Wilco, Death Cab for Cutie, and Old 97’s / Jayhawks.
Denver Flea is a curated showcase of Colorado makers, cocktails, and craft beer in a seasonal pop-up location. I went to their Mother’s Day weekend event a few months ago and was impressed with the quality and variety and sheer coolness of what was available. Well worth checking out!
As always, we are grateful for your trust in us and for your referrals. If you — or people you know — are looking to buy or sell a home, I would love to help! Contact me here.