My apologies as it’s been a month or so since I last did one of these updates. We had a glitch in the email newsletters last month through Real Living and I didn’t want to inundate you with a bunch emails as I promised I wouldn’t do, so now we should be back on track. It’s June, the kids are out of school, the weather is heating up, and people are in full force with their summer vacations. It’s time stick our toes in the water, butt in the sand and enjoy the summer months!
Let’s jump in and see what’s been happening with the Denver Real Estate market since the last go around:
- Denver Metro Area Home Report: June
In May of 2006, when we started to see the peak of the last housing market we were sitting at 30,457 in active listings in the Denver Metro area. For months now we have been talking about the historically low levels of inventory we are seeing and as of the end of last month we were sitting at 5,463 active listings. The last time I wrote this blog we were sitting at 4,482 in active listings, so while inventory levels are taking their seasonal increase during the summer months we are still well below historical norms in listings. The housing shortage and rapidly rising prices are now becoming national issues as well. DMAR recently reported that “In May, CNBC reported that the rest of the country is starting to experience unprecedented low supplies of inventory”. New construction homes are experiencing a boom in the Denver Metro area, as these historically low levels in inventory levels lacking the features many buyers are looking for with higher prices are driving many buyers to go this route. Planning will be key if you are thinking about doing a new build.
The sweet spot for many buyers still sits around $350k and lower, so even though we are in a seller’s market buyers are still looking for move in ready properties they won’t have to do much to. If you are thinking about selling make sure you take this into consideration, as we still need to remain realistic with the market demands for buyers. If you want top dollar for your property, it needs to show top dollar regardless of what any agent might be telling you to earn your business. At least if you end up working with me, I’ll be as honest as I can in giving you an accurate assessment of what your home will likely sell for in this market.
Zillow Beware: I thought it was worth mentioning that I have been running up against a lot of people using Zillow for property valuations with often unrealistic expectations. Zillow has to be one of the most inaccurate, unreliable pieces of technology out there. Sometimes they are high, sometimes they are low, and sometimes they are just plain out of whack. They do not communicate with the local MLS services, so the information they provide is usually inaccurate and outdated. There are some useful tools they provide, so I will definitely give them that. Just know that while it is a very popular site for people to visit, please take the valuations they give with a grain of salt. Many of the listings they advertise are often outdated, so it is my opinion that this is just not a good site to use for the serious home seller(s)/buyer(s). Your best strategy is to get aligned with a good real estate professional who will help you streamline this process and who will provide you will the latest information to help you make an informed decision.
- Active Listings w/ Possible Coming Soon(s):
I have some properties on the market I’m about to list below with a couple more potentially popping up. Potential coming soon listings include a golf course community property in the Ranch which features a 4 bed/5 bath, main floor master, 5,000+ square feet, mother-in-law suite with private access, and walking distance access to the Ranch clubhouse projected to be selling around $699,000. The next one is a spacious 5 bed/4 bath custom home, main floor master, 4,000+ square feet, and lots of scenery sitting on 35 acres in Fairplay projected to be in the $1,199,000 price range. Hopefully I’ll be featuring these in future newsletters.
Here is what I have active at the moment:
- 11060 Chase Way in Westminster: 4 bed / 3 bath with over 1,850 finished square feet for $349,900
- 10436 Butte Drive in Longmont: 3 bed / 2 bath with over 1,450 finished square feet for $259,900. This one will likely move quickly with its price point and this one has a motivated seller to boot.
- 3285 South Pontiac Street in Denver: 4 bed / 3 bath with over 2,200 finished square feet for $274,900. This one will need some TLC with some updating and is priced accordingly, but is located in a very quiet, well-kept area right off I-25 and Hampden.
Please visit this link to learn more: http://fullerhomeoptions.com/featured-properties-for-sale-denver-real-estate-market/
If you should have any questions on any of these or any other properties you are interested in or if you simply have any real estate related questions, please reach to me as I would be more than happy to help. Thanks and we’ll talk again in July!!