PRICE REDUCTION

By Bianca Myers - October 4, 2019
Categories: Real Estate

Some fascinating research from the Denver Metro Association of Realtors…

 

37% of properties that sold last month along the Front Range had a price reduction at some point during the listing period.

 

Property owners who have to reduce their price take an average of 58 days to receive an offer.

 

Those who don’t have to reduce their price only take 13 days.

 

This stat obviously speaks to the importance of pricing your property right on day one.

Down Again

By Bianca Myers - May 29, 2019
Categories: Real Estate

The average 30-year rate is now 4.06% which is the lowest it has been all year.

Rates today are actually the lowest they have been since early 2018.

The main factor driving rates down is the trade war with China.

Investors are shifting money from stocks into bonds which causes the yield on the 10-year Treasury to drop.

Mortgage rates are closely aligned with the 10-year Treasury.

At the beginning of the year, most experts believed that 2019 would have a trend of increasing mortgage rates eventually reaching 5.5%.

Instead, the opposite has happened which is good news for real estate.

Denver Inventory Up

By Bianca Myers - May 11, 2019
Categories: Real Estate

Positive news for buyers! Inventory is up in Metro Denver which means more selection and (a little) less competition.

Here are the numbers…

The number of new properties that hit the market in the last 30 days is up 8% compared to last year.

This new inventory was evenly spread between single family properties and condominiums.

Today, compared to last year there are 27% more single family properties to choose from and 62% more condominiums.

It seems like buyers are (finally) getting some relief from the low inventory that has impacted buyers for several years in Denver.

Tax Time

By Bianca Myers - May 11, 2019
Categories: Real Estate

Property owners all over Colorado have a gift waiting for them in their mailbox- their new property tax notifications.

Every two years, each county in Colorado places a new value on property for property tax purposes.

No surprise, values were up along the Front Range.

Here is the percentage of increase for various Colorado counties (keep in mind that this increase is for two years):

  • Adams 24%
  • Arapahoe 22%
  • Larimer 19%
  • Douglas 14%
  • Jefferson 14%
  • Boulder 12%

If you have questions about how to respond to your tax notification, we can help!  We would be happy to provide you with an up-to-date market analysis and walk you through the steps on how to protest your new value if you don’t agree with it.

You can also watch this webinar we put together which shows you everything you need to know about your new property valuation and how to respond.

You can watch it HERE.

So, which is it? A buyer’s market or a seller’s market?

By Bianca Myers - April 15, 2019
Categories: Real Estate

 

 

Well, it depends!

First, let’s define each market. According to research, a buyer’s market exists when there is more than 4-6 months of inventory on the market.

If it would take longer than 4-6 months to sell out all of the inventory currently for sale, then it is a buyer’s market.

This calculation is obviously a function of the amount of inventory on the market and the current pace of sales.

A seller’s market exists if it would take shorter than 4-6 months.

So, which is it?

It depends very much on the price range.

Here are the numbers for Northern Colorado:

• $300,000 to $400,000 = 0.9 months
• $400,000 to $500,000 = 1.9 months
• $500,000 to $750,000 = 2.3 months
• $750,000 and over = 5.8 months

So, most price ranges are a clear seller’s market. It’s not until $750,000 and over that the market starts to approach a more balanced state.

Here’s one more thing that might help you…

You probably don’t need a reminder that this is tax season.

Not only because tax returns are due in two weeks but also because you will soon receive your property tax notification in the mail.

Every two years your County re-assesses the value of your property and then sends that new value to you.

When this happens, many of our clients:

Don’t agree with the new assessed value
Aren’t sure what to do
Are confused by the process
Want to save money on property taxes
Good news! We have a webinar that will help you. On the webinar we will show you:

How to read the information from the County
What it means for you
How to protest the valuation if you want
How to get an accurate estimate of your property’s value
You can listen to the webinar live or get the recording. In any case, you can sign up at www.WindermereWorkshop.com

The webinar is April 17th at 10:00. If you can’t join live, go ahead and register so you can automatically receive the recording.

This is a complimentary online workshop for all of our clients. We hope you can join!