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My goal is to remove the barrier of entry into home ownership for anyone that finds it too difficult or competitive, may think they don’t have enough savings, or doesn’t know where to start.
And once you get started, I will welcome you into my real estate family and ensure you have five star quality support and service throughout the process and beyond.
in the news
“For the most part, 2022 should see a similar trajectory with a potential for an even wilder ride than we have seen over the past two years”
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jumpstart your learning with these helpful posts
An indicator of a balancing market, homes closed on average $5,552 over list price, an 88% drop from the high mark of $47,560 in April. Available inventory continues to climb and is up 81% over last year as only 36% of available homes went under contract in July. Average days on market jumped from 10 to 13 days as sellers adjust to a new pricing strategy and buyers are proving to be more patient.
While only a slight uptick in average close price overall, attached homes set an all-time high with an average just over $504k. Available inventory jumped nearly 66% (and is up 94% over last year), boosting supply over 1 month (to 1.12) for the first time in 2 years. Despite higher interest rates, more supply will mean better opportunities for buyers with homes on the market longer leading to lower sales prices.
In a sign that the market may be moving toward some normalization, both average & median sales price were down slightly over last month. Available inventory continued its steady & slow climb, with 10% more homes available to buyers over April. All segments remain competitive with a 105% close-to-list-price ratio; the luxury segment was most competitive at 107% (closing $101k over list).
Inventory continues to climb with the warmer weather as April ended with 44% more available listings than we saw at the end of March. Whilst most homes went under contract after 4 days, the overall average is 8 days, 3 days less than the March average & a full week less than February. The average sales price was up another $25k to $727k for all homes sold, yet the condo/MF segment remained flat at $495k (worth watching!).
The Denver real estate market heats up with the local weather, and kick-off is right after the Super Bowl. This year was no different for the Premier Market, with 1,887 homes closing in March and another 2,442 new homes being listed, up 28.98 percent and 42.56 percent over last month, respectively. For the year, inventory in this segment is now ahead of last year’s pace by 30.01 percent, another good sign as we head into peak season.
With Spring comes an influx of homes on the market – new listings were up 44% in March, month-end available inventory was up 81%. Still a strong seller’s market, most homes went under contract after the first weekend and closed on average $43k over list price. Average sales price in Denver Metro surged above $700k for the month, driven in part by a 69% increase in homes sold over $750k.
New listings and closings were both up slightly from last month, but down for the year overall when compared to this time last year. The 104.75% close-to-list price ratio was an all time high, and correlates to homes closing in February nearly $30k over list price. While interest rates have increased more rapidly than projected this year, the conflict in Ukraine is expected to lower them, at least in the short term.
New listings were up 31% over the previous month, but still much lower than the 70% increase we normally see from Dec to Jan. While sale prices were seasonally lower, buyer competition remained high, with homes closing on average $12.5k over list price (up $3k from Dec). Increased interest rates are lowering buying power, but with expected appreciation, that $500k home now may cost you north of $550k if you wait a year.
Annual home reviews matter. A home requires constant upkeep and care to maintain. As you look to make improvements, it helps to know the value of the updates you are making. Plus, having a pulse on your home’s value, will let you keep up your insurance coverage and potentially unlock opportunities through your equity. It can also save you money in the long run!
When evaluating the current Denver Metro real estate market, it is important to look beyond what you hear and even more important to be able to interpret what is happening. By watching and analyzing a few key metrics, you can navigate this market with confidence.
questions frequently wondered & sometimes asked
Here are the most commonly asked questions my lending partners and I hear from first-time home buyers. They are also the questions that tend to hold back prospective buyers from starting their home search. Don’t let that be you!
Is it a good time to buy a home right now?
You’ve probably heard a REALTOR somewhere say “it is always the right time to buy” and that is true. Owning a home can unlock wealth for you as it has for so many. However, this is a very personal question with several factors in play. You are never wasting a lender’s time or my time with questions that may help set you on this path, regardless of how far out you may be.
Pro tip: Whether or not it is the right time for you to buy a home, it is always the right time to look. Our goal is to find you a home that matches your personality and lifestyle without paying too much in the process. For that, you can never start the educational process too early.
When should I start my home search?
You want to give yourself at least 90 days. While it is possible to find a home in a shorter time frame, those tend to be rushed, which increases the risk of missing something or paying too much. The active search can take 2-3 months plus another 30 days to close after you are under contract.
Pro tip: Start sooner. In fact, I recommend starting discussions with lenders and an agent at least 6 months ahead of time. By focusing on learning the market, spending time in neighborhoods you might be interested in, and surrounding yourself with trusted advisors, you reduce pressure on yourself and improve your odds of finding the right home at the right price.
Is my credit score high enough to qualify for a loan?
Generally speaking, a credit score of 620 is needed to qualify for a loan. Some lenders allow for government backed FHA and VA loans with credit scores starting at 580.
Pro Tip: Even if your credit scores fall below these targets, a good lender can connect you with a credit repair specialist who can work with you to improve your credit.
Do I need to pay down all of my debt first?
You do not need to be debt free to qualify for a loan! Debt is normal and to be expected. In many situations, you can qualify for a loan without having to pay debts off or down.
Pro Tip: Lending guidelines are centered around debt-to-income ratios (often referred to as DTI). A good lender will take the time to explain what this looks like and means for you.
How much do I need for a down payment?
A first-time homebuyer can put down as little as 3%, whereas, for a repeat homebuyer, the minimum can be as low as 5%. Veterans using a VA loan are eligible to put 0% down.
Pro Tip: You may be eligible for a down payment assistance program. Ask your lender about CHFA, Metro DPA, or other programs you may qualify for.