It’s already the end of the first half of the year! I’m sure you are hearing all the real estate news on the television and newspaper (or on line) and just to let you know that what is really happening in the Denver real estate market is exciting and not quite as scary as some people are perceiving it.
Each neighborhood is different. Some houses and condos are flying off the market at record paces and some are simmering waiting for the right buyer. Most all neighborhoods are continuing to rise in value but not all at the same pace. I am seeing that the more perfect the home is, the faster it sells. There is a smaller segment of buyers that are willing to go in and fix up a place and make it their own. I think this is where the best deals are right now. Not fix and flip situations, houses that need cosmetic updating where the buyer lives in them.
Cash continues to a big player in our market in every segment including the luxury market. As Denver continues to be in national and world news, I anticipate this will continue. There are loans available for as little as 3% and 5% down that do not need mortgage insurance. The banks are asking for more documentation than ever but if you need a loan and you go into the process knowing this it makes the transaction a whole lot easier.
Two questions I’ve heard a few times this month:
1. “Are we in a bubble?” As long as we continue to have such low inventory, we are going to continue to see houses increasing in value. The interest rates have started ticking up the past couple weeks. Until inventory starts rising, we aren’t going to see much change on pricing. It may flatten out a bit, but buyer demand is still too strong.
2. “How to you find your clients?” I work by referral, by word of mouth and by reputation. Clients, friends and family pass my name and number to their family, friends and clients. I have had people find me from Facebook, YouTube and twitter, but most of my business comes from people like you. That question came from a couple good friends and I thought if they asked me that, then I should take a minute to remind everyone — I am never too busy for your referrals. I promise I will take good care of anyone you send my way!
If you want to know more about a neighborhood let me know, I can set you up for daily or weekly alerts of what is for sale and being sold.
Hope you have a safe and happy Fourth of July, if you don’t have plans yet, here is a short list of events in the Denver area!