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.
Denver Home Prices Continue to Increase
The closely-analyzed S&P/Case-Shiller Home Prices Index revealed more good news regarding Denver home prices today - they rose 1.3 percent from April to May, which is an increase for the third consecutive month. Denver home prices also had the second-lowest year-over-year price decline of the 20 cities included in the report.
There is also good news on the national real estate front with national home prices rising from April to May, which is the first monthly increase in almost three years.
For information on the Denver real estate market, or regarding Denver-area 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
Price Range is Currently a Major Factor in the Denver Real Estate Market
How is the Denver real estate market faring this summer? It really depends on the price range that you are looking at – the lower end is much more robust than the higher end. We are optimistic about the Denver housing market, especially for homes priced to receive offers at the maximum FHA loan limit of $417K and under. This conclusion is not only based on what we are observing, but on the many articles published in the paper supporting that this price range has bottomed out.
The market is still sluggish for homes requiring conventional loans over the FHA loan limit of $417K, but we hope that it will open up as the overall market improves. The inventory of homes falling into this category (400s and up) is much higher than lower-priced homes.
In the current market, homes must be well-presented, and be correctly priced to be competitive. This trend will continue into the fall and winter months. Looking ahead to 2010, we anticipate the market to pick up, and for home appreciation to occur in certain price ranges, as housing inventory continues to decline.
For information on the Denver real estate market, please contact TeamCox Realtors – your Denver real estate specialists – at 303-400-6060.
Denver Tops Today Show’s List of Cities to Emerge from the Real Estate Slump First!
The Today Show reported some great news on the Denver real estate market on Tuesday’s show. Barbara Corcoran, a renowned real estate expert, singled Denver out as the, “No. 1 city on the verge of recovery from the real estate slump.”
Corcoran said that she selected the Denver real estate market because its foreclosure rate peaked early, but it has decreased dramatically in recent months. She based her list on several other factors, including job growth potential, population growth, good weather, a large number of first-time homebuyers, a vital downtown, not much overbuilding, and a well-educated population. The other cities on the list are Raleigh, Austin, Seattle and San Francisco.
Corcoran also mentioned that things are, “pointing up, up up,.” in the Denver area. This means that now is the time to buy, buy, buy! You don’t want to miss this historic opportunity. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
First-Time Homebuyers Driving Denver Real Estate Market
TeamCox Realtors has noticed a significant trend emerging over the past few months – First-time homebuyers are dominating the Denver real estate market. This hunch was substantiated by recent statistics from Metrolist and by a 7News story that ran last week, revealing that over 58 percent of April Denver-area home sales were priced between $110,000 and $300,000.
Denver homebuilders are also taking note of this new trend, and are going after this niche market in droves. Richmond Homes, which has had great success with its Seasons collection, is introducing another new product line aimed at first-time hombuyers that boasts gourmet kitchens. DR Horton is also touting Denver-area homes that priced below $200,000 on its website.
Whether you are looking for a brand new home, or a century-old one, the time is right for first-time homebuyers in Denver. The stimulus package includes many incentives for first-time buyers, including:
- A tax credit of $8,000
- Tax credit is 10% of purchase price, but no greater than $8,000
- The income limits remain the same: ($75,000 for an individual; $150,000 for a couple)
- FTHB (no ownership in last 3 years) and principal residences only
- Tax credit is available until December 1, 2009
- Recapture of tax credit is now waived (no repayment required) as long as the buyer lives in the home for three years
- The provision is retroactive to purchases made on or after January 1, 2009.
- Waiver of prohibition on financing by mortgage revenue bonds is included
- Married: both have to be FTHB’s
- Tax credit will be claimed on federal income tax return
For information on purchasing your first home in Denver, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Who Qualifies for the First-Time Homebuyer Credit?
Is NOW the Right Time to Purchase a Home in the Denver Real Estate Market?
There is no better time than the present to purchase a home in the Denver real estate market. As I write this, interest rates are hovering around 4.75%, the lowest point in history. I do not anticipate a substantial rate increase through the remainder of 2009.
If you have a home to sell, you will probably not be able get top dollar for it right now, but you can potentially make up the difference on the purchasing end.
Are we at the bottom of the Denver real estate market? Everything that I have read and heard affirms that we are indeed at the bottom. Credit is readily available for conforming FHA loans up to $417,000 with a down payment of 3.5%. Loans in excess of $417K will require a larger down payment and interest rates for qualified borrowers will be a percentage point higher. If moving is not an option right now, be sure to take advantage of these incredibly low rates to refinance your current home.
For more 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
Many Denver-Area Property Valuations Have Increased?
There is only one reason in the world why you wouldn’t want your home to increase in value – higher property taxes! Many Denver-area residents are receiving home valuations from their county assessors this week. The valuations, which were to be mailed out by May 1st, are surprising many Denver homeowners, since their home values have actually risen in the midst of a sluggish Denver real estate market. Why is this happening? The valuations are reflecting home prices during the 18-month period from January 2007 through June 2008.
Please keep in mind, you always have the right to protest your valuation, but you will need to do it quickly! The deadline is June 1st. Check with your county’s assessor for details on how to appeal your property’s value – I am including the links below.
If you have questions regarding your home valuation, please contact TeamCox Realtors at 303-400-6060. We are here to help you. Good luck!
Metro Denver Assessors
Adams County Assessor
Arapahoe County Assessor
Boulder County Assessor
Broomfield County Assessor
Denver County Assessor
Douglas County Assessor
Jefferson County Assessor
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own
Looking for Denver Real Estate Market Statistics?
Looking for statistics on the Denver housing market? TeamCox has compiled statistics for you on our website. Please click here to visit our Denver real estate statistics and click here to view Highlands Ranch real estate market statistics. We will be updating these numbers on a regular basis, so please check back often. As always, please let us know if you have any questions on the ever-changing Denver real estate market. We are here to help you with all of your real estate needs!
Denver Real Estate Market Update (January 2009)
I don’t know anyone who did not breathe a sigh of relief when the calendar turned from 2008 to 2009 a few weeks ago. The fourth quarter of 2008 was a bit of a train wreck, bringing financial news that was so grim that we could not peel our eyes away from the reports.With the new year comes the question of what to expect in the Denver real estate market in 2009? TeamCox Realtors has several reasons to believe that things will improve this year:· The funds will start flowing again! The Denver area has weathered the national economic downturn quite well, and should lead the charge in its recovery. The Denver real estate market faced a major obstacle during the last half of 2008 – a lack of mortgage financing available to buyers. The Feds announced in November that they would buy approximately $500 billion in mortgage-backed securities. Once this happens, funds should start flowing again, and the Denver metro housing market should be in a better position than most of the rest of the country.
· It is not risky to buy a home in Denver! The Denver housing market is holding its value well. Just last week, the PMI Mortgage Insurance Co. released a national report, revealing that home prices in the Denver-Aurora metropolitan area have a less than 1 percent chance of declining in value over the next two years. That’s pretty good odds even in Vegas! The Denver real estate market ranks among the least risky markets in the country.
· Denver homes are affordable! PMI’s report also revealed that Denver homes in the third quarter of 2008 were 15 percent more affordable than they were in 1995. Affordability is based on several factors, including income, housing prices, and mortgage rates.· Interest rates are LOW! The other piece of good news is that interest rates continue to fall, settling just below the five percent mark last week.The Denver real estate market will come alive, as the weather warms up, so don’t miss an opportunity of a lifetime to purchase your dream home. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
Search for Denver Real Estate
Investing in the Denver Real Estate Market
There is more good news for Denver real estate market investors. HomeVestors of America, Inc. recently ranked Denver no. 6 among its top 10 residential real estate markets for investing. Here is the list:
(1.) Dallas
(2.) Houston
(3.) Fort Worth, Texas
(4.) Atlanta
(5.) San Antonio, Texas
(6.) Denver
Investors buying homes for cash is an emerging trend, so they can avoid the hassles dealt by mortgage lenders. It is also easier to cash flow the purchase without financing. Many homes that we have recently sold have cash flowed even with factoring in the cost of financing and the time value of any down payment. Prices are just too attractive for many investors not to buy.
For more information on the Denver real estate market, please contact TeamCox Realtors at 303-400-6060