2010 Denver Economic Forecast is Encouraging
The Metro Denver Economic Development Corporation (Metro Denver EDC) recently released its 2010 Economic Forecast for Metro Denver and the news is encouraging.
As we’ve reported numerous times during this recession, the report suggests that Metro Denver’s economy has fared better than many other regions throughout the recession. This can be attributed the region’s diverse base of industries and strong economic fundamentals.
While the Denver-area’s outlook for 2010 is far from rosy, there are many positive factors, including its relocation desirability, and the fact that the Denver housing market has been predicted to be one of the first markets to recover numerous times.
All of this suggests that there is no better time than the present to purchase a Denver home. For more information on Denver’s economy, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
What is in Store for the Denver Real Estate Market in 2010?
TeamCox Realtors would like to take this opportunity to wish you a Happy 2010! After the usual holiday greetings we have exchanged with our friends over the past few months, the next most common questions are , “how is the housing market?” or “are things getting better?” or “will our house sell if we put it on the market this year?”
It is important to keep in mind that real estate is cyclical and Denver home prices are already on the rebound. The newly expanded tax credit, combined with the lowest interest rates in years, makes for a promising market in the spring of 2010. We believe that this year is as good ever to move up or to purchase a home that better fits your current needs.
Things are looking up for several reasons:
Homebuyer Tax Credit Extended and Expanded
You’ve been hearing about the first-time homebuyers’ tax credit for months now, and may have even overlooked it if you already own a home. It is your turn to cash in on a tax credit! Here is what you need to know:
The Worker, Homeownership and Business Assistance Act of 2009, signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. The new law also authorizes the credit for long-time homeowners buying a replacement principal residence, and raises the income limitations for homeowners claiming the credit.
Denver Home Prices are Inching Up
The highly respected highly respected S&P/Case-Shiller Home Prices Index for the third quarter 2009 was recently released, revealing that the Denver real estate market was the best year-over-year performer of the 20 cities surveyed.
If your home is too small, you are an empty-nester, or you simply want to upgrade, now is the time to act. Historically low interest rates and the newly expanded tax credit can work in your favor, as either seller or a buyer. We believe that there is pent-up buyer and seller demand out there, resulting from the past couple of years’ sluggish market conditions.
For more information on the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Colorado’s Population Continues to Grow
People are moving to Colorful Colorado! The U.S. Census Bureau released updated population estimates last week, showing that Colorado’s population passed the 5 million mark this year, adding 90,000 residents. This is a 1.8 increase, which ranks fourth nationally. Wyoming, Utah, and Texas were the only states with a higher growth rate than Colorado.
The increase was a surprise amidst the recession and is good news for the Denver housing market. For information on relocating to Colorado, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver Real Estate Update – December 2009
Number of Denver homes under contract drops last month, while home prices rise
There is good and bad news in November’s Denver real estate statistics that were released this week. It appears that entry level and move-up buyers had a sense of urgency to put homes under contract by the end of October, not expecting the deadline for first-time homebuyer’s tax credit to be extended, and to even be expanded, to March 30, 2010. This left the November statistics nowhere to go but down. There were 3,444 Denver-area homes placed under contract last month, which was a 29.9% decrease from the 4,910 homes placed under contract in October. This is a far bigger number than the typical month-to-month seasonal drop.
The good news is that the average price of a single-family home closed in November rose to $265,498, a 9.45% increase from a year ago, and a 1.4% increase from October. The median price of a single-family home last month was $218,000, which was 11.8% higher than a year ago. In the first 11 months of the year, 53,146 homes were placed under contract in the Denver area and 39,111 home were closed. There were only 18,061 unsold homes on the market last month, which was a 17% drop from a year ago. The weekly sales rate rose to 4.4% in November, compared with 3.86% in November 2008.
All of these are encouraging signs for the Denver housing market. Mortgage rates are also hitting rock-bottom lows, making this a great time to purchase a home in Denver. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Calling ALL Denver Homebuyers (Not Only the First-Timers)!
Calling ALL Denver Homebuyers (Not Only the First-Timers)!
You already own a home, and you may be longing for a new one. You’ve sadly watched as all of the recent incentives have gone to first-time homebuyers. Well, it’s your turn now – the newly expanded $6500 tax credit is all yours!
There are several incentives that make this too good of an opportunity to pass up:
• There is currently a significant inventory of replacement homes (priced above $350,000) available in the Denver area.
• Interest rates are under 5 percent, which will not last as inflation will begin to impact the national economy. In approximately a year’s time, these low rates will be gone for a very long time, possibly forever. Purchasing a home with one of these very low interest rates will guarantee you a 5 percent rate for 30 years!
• Denver’s very low (by comparison) unemployment rate of 7 percent is just one of the contributing factors that makes Denver one of the few U.S. cities to have a 1.8 percent housing price increase over the same period last year.
We sincerely believe the worst has passed for the Denver housing market. If you have even considered purchasing a new home to create a better lifestyle for your family, do not let this perfect coming-together of reasons to buy a home in early 2010 pass you by. To qualify for the tax credit, you must have a home selected by March 30, 2010 and close on that home by June 30, 2010. It is also important to know that the National Association of Realtors worked very hard to get the first-time homebuyer tax credit extended to include move-up buyers. The NAR was told, in almost no uncertain terms, this bill will not be extended beyond March 30, 2009. Time to get moving!
For information on purchasing a home in the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Positive Perspective on the Denver Real Estate Market
We are always on the lookout for positive news regarding the Denver real estate market. Our partners at Land Title regularly put out newsletter entitled, “Positive Perspective,” that I thought I would share with you. This edition highlights a few things that we’ve already addressed, including the homebuyer tax credit being extended. It also has information on Denver-area home sales in October, home sales in the western region (including Colorado), Colorado Springs making Business Week’s “40 Strongest List,” and several announcements on local businesses.
Click Here to Read Positive Perspective
For more positive perspective on the Denver area, or regarding the Denver housing market, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
First-time Homebuyer Tax Credit Expanded to Include Move-Up Buyers
Good News for Denver First-time Homebuyers AND for Denver Move-Up Buyers!
There is more good news today for the Denver housing market. Congress has voted to extend the current tax credit for first-time homebuyers, along with expand it to include buyers who already own their homes. First-time Denver homebuyers, including anyone who hasn’t owned a home in the last three years, will still receive up to an $8,000 tax credit for contracts signed by April 30 and closed by June 30th of 2010. This is an extension on the bill that was set to expire at the end of this month.
First-time Denver homebuyers aren’t the only ones helped by this bill, since it allows for up to a $6,500 tax credit for current Denver homeowners, who have been in their home for at least five years. The time frame is the same for this tax credit (for contracts signed by April 30 and closed by June 30th of 2010). The credit is for residences that are purchased for $800,000 or less. The President is expected to sign this into law on Friday.
This should be a big help to a Denver real estate market that is already in recovery mode. If you are eligible for this credit, don’t miss your opportunity to take advantage of this once in a life time opportunity. For more information regarding Denver real estate, or regarding the tax credits, please contact TeamCox Realtors at 303-400-6060.
Read More About the Homebuyer Tax Credit
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver-Area Foreclosures Decline from Last Year
There is good news for the Denver real estate market this week. According to RealtyTrac Inc., Denver-area foreclosure filings decreased 1.6 percent in the third quarter of last year. There were 9,235 Denver-area properties that were in some stage of the foreclosure process in the third quarter, which equates to one per every 113 households.
While a lower foreclosure rate is great news for the health of the general Denver housing market, one distressed Denver homeowner is too many. If you are a Denver homeowner who is looking to avoid foreclosure in the Denver area, please contact TeamCox Realtors at 303-400-6060. We are a CDPE, or a Certified Distressed Property Expert, trained to help homeowners explore alternatives to foreclosure, including short sales, loan modifications, and much more. We have helped numerous homeowners avoid foreclosure and put them on a path to a brighter future.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver Real Estate Update – September 2009
As summer turns to fall, everyone is wondering how the Denver real estate market is faring. Metrolist released its August statistics this week, revealing that the Denver real estate market has definitely stabilized over the past few months.
While the year-over-year picture still isn’t pretty (single-family and condo sales dropped 14 percent from August of last year), the average sales price for a single-family home decreased a mere .68 percent from last year. This is quite a feat, considering that the country has been in the midst of a severe economic and real estate downturn during this time.
Another promising piece of news is that homes sold more quickly in August than in July and last year. The average number of “Days on the Market,” or DOM, in August for a single-family home in Denver is 94, which is a three percent decrease from last year.
If you haven’t taken advantage of the strong buyer’s market, now is the time for you to do so. For more information on the Denver housing market, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver Home Prices on the Rise
The monthly S&P/Case-Shiller Home Prices Index was released today and Denver home prices continue to lead the pack, rising a whopping 2.5 percent from May to June. National home prices have also finally stabalized and are even slightly rising in some places. This is raising hopes that the national real estate slump is coming to an end.
This is wonderful news for the Denver housing market! For more information on Denver home prices, please contact TeamCox Realtors – your Denver real estate specialist – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.