This month’s issue of Denver’s popular 5280 Magazine contained an excellent feature article entitled Denver Real Estate 2012. The article (reprinted below) focuses on the Highlands neighborhood revitalization that has made it one of Denver’s hottest neighborhoods. Situated between the I-25 and 70 freeways with easy access to downtown via motor and pedestrian bridges, the Highlands has always had a highly desirable geographic location. As the 5280 feature notes, the recent surge of popular new restaurants, shops and nightlife combines with this prime location to make the Highlands one of Denver’s most exciting and desirable neighborhoods.
Enthusiasm for the Highlands neighborhood is shared among the staff here at The Denver Team. While our office has always been located in the Highlands, we’re excited to announce we have recently moved to our new, much larger, office in the LoHi neighborhood just blocks from many of the eateries and shops referenced in the 5280 article. The Denver Team has always been an expert on real estate in the Highlands and surrounding neighborhoods and our new office location puts us in the heart of all the changes and activity.
5280 Article 5/12:
We may not be in a citywide bull market, but there are plenty of reasons to feel pretty darn good about real estate in the Mile High City this year. This is especially true of Highlands, which has become a nationally recognized, trendsetting model for the possibilities of 21st-century new urbanism. Here’s how Highlands became the hottest part of town—and which local neighborhoods might be next.
Full Article
-Nathan
If you are interested in selling a home or are wondering about the current market’s effect on you home’s value, don’t hesitate to contact my office at 303.997.4001.
Houses are moving, prices are starting to move north as well. This appears to be a lasting trend and not another blip on the radar influenced by government. This is real organic growth. This article below truly captures what is happening right now. A traditional buyer is having to try 2-3 and even more times before contracting a property.
Buyers, it’s not all bad! This just started and what you buy today is likely to be worth more a year from now. Buying at the start of strong seller’s market will likely prove to be a valuable experience as you see your home’s value move north in short order.
Denver Post article 4/19/12:
New advice from the trenches on buying a home: Look early. Think fast. Hone your quick-draw skills with the checkbook.
Metro Denver’s real estate market, not long ago a buyer’s domain, suddenly has shifted to a seller’s paradise, at least in some neighborhoods and price ranges.
Realtors’ offices are rife with fresh anecdotes of sellers happily cherry-picking from multiple offers — some of them above the asking price.
How fast is the market moving? A new report shows that Denver is No. 2 in the nation for the shortest length of time that a home is listed before being sold — 33 days — far below the national average.
Full Article
-Nathan
If you are interested in selling a home or are wondering about the current market’s effect on you home’s value, don’t hesitate to contact my office at 303.997.4001.
As I sit in my office I have boards on which I keep track of listings and buyers. Looking at these while I type is a quick reminder of the market’s current strength and lack of quality inventory. I have 5 buyers aggressively looking for homes right now and all 5 seem to have the same challenge — there is very little to choose from. Essentially, they are all waiting for the newest listings and are poised to jump on the first property that fits their needs/wants.
My attention then moves to the homes I have listed for sale. Of the 16 properties on my board, 8 of them have contracts and are waiting to close. Of those 8 with contracts, 2 sold before they were listed on the MLS and 3 had multiple offers, allowing the seller to select the best offer. Of the remaining 8 actively listed, only 3 have been for sale for more than a month, the other 5 anywhere from 2 days to 3 weeks.
Now that I have provided a glimpse of what is happening now I look back to March 2011. My listing board was closer to 25-30 properties with 3-5 of those under contract and waiting to sell and buyers who were aggressively looking were having an easy time finding something as there was decent inventory to choose from. Inventory levels in the past year have been cut almost in half; we are down about 42%.
To sum it up we are transitioning into a seller’s market and some may say we are already there.
-Nathan
If you are interested in selling a home or are wondering about the current market’s effect on you home’s value, don’t hesitate to contact my office at 303.997.4001.
The 1st quarter of this year has brought substantial change to the marketplace. The demand has increased while the inventory has shrunk substantially. The market is quickly shifting to a seller’s market. In fact most neighborhoods in Denver County that are sub $300,000 neighborhoods only have 2-3 month supply of inventory, a neutral market being 6 and anything under 6 being deemed a seller’s market. I have been telling buyers to take action immediately on new homes that hit the market that they like and in many cases recommending they not negotiate on price if they are serious about contracting the property, conversely when I list a home in good condition for the right price I get calls on day 2 asking if it is still available and how many offers we have in. I recently had a home that was priced at the top of the market for the neighborhood it was in receive 5 offers in the first 3 days.
If you are thinking of buying or selling please reach out to me as things are now much different than they were last year and substantially better than the media may portray them to be.
With Spring Just around the corner we are fast approaching the “selling season” for Real Estate. Knowing how to prepare your home for the market will net you a higher sale, a more timely sale, and in some cases may be the difference between a sale and an expired listing. While I am always available to help with any recommendations, the pointers below cover what you need to know most as a seller.
There are many things you can do as a homeowner to improve the chances of quickly selling your home. The saying “Don’t judge a book by its cover” definitely does NOT apply when someone is considering purchasing a home. If a potential buyer walks into a home and everything they can see on the surface of the home (the “cover” of your home) looks to be well maintained and cared for, they’re much more likely to feel confident in the condition of everything they can’t see. Unfortunately, the opposite is also true- a home that’s messy/cluttered, or in need of superficial work may get looked over by buyers even if all major structural elements are sound.
When getting your home in shape to be listed, some things you should give careful thought to are:
- The return on investment of any repairs/modifications you are considering making.
- The first impression a potential buyer will have when viewing the outside of your home.
- How well the interior of your home is showcased through the maintenance you’ve performed as well as your decorating and organizational style.
ROI
Though a remodeled kitchen or major structural improvement like a new roof may impress potential buyers, that doesn’t mean you should spring to spend thousands of dollars on big ticket items. Many large improvements actually won’t increase the value of your home enough to recoup your cost of purchase and install. It’s more important to increase the overall “finish” of your home to give potential buyers the ability to imagine the home as their own. A fresh coat of paint in a neutral color is an easy investment that won’t cost you hundreds of dollars but will make your home seem much more appealing. There are any number of smaller, relatively inexpensive changes and updates you can make that have a much greater return on investment than a new kitchen. Many are listed below but if you have questions as to what buyers are asking for and expect in your particular neighborhood, feel free to give me a call.
Creating a great first impression
It’s important to improve the appearance of your home’s exterior as much as possible (while spending as little as possible) before listing. Here are some things recommended by Realtor.com you can do to help catch a buyer’s eye:
- Get your lawn looking its best – water, fertilize, mow and edge.
- Trim hedges, weed lawns and flowerbeds, and prune trees regularly.
- Check the foundation, steps, walkways, walls and patios for cracks and crumbling.
- Inspect doors and windows for peeling paint.
- Clean and align gutters.
- Inspect and clean the chimney.
- Repair and replace loose or damaged roof shingles.
- Repair and repaint loose siding and caulking.
- In Northern winters, keep walks neatly cleared of snow and ice.
- During spring and summer months consider adding a few showy annuals, perhaps in pots, near your front entrance.
- Re-seal an asphalt driveway.
- Keep your garage door closed.
- Store RVs or old and beaten up cars elsewhere while the house is on the market.
- Apply a fresh coat of paint to the front door.
Showcase Interior Spaces
The following is a list of things recommended by Realtor.com to get the interior of your home showcase ready.
- Giving every room in the house a thorough cleaning, as well as removing all clutter. This alone will make your house appear bigger and brighter. Some homeowners with crowded rooms have actually rented storage garages and moved half their furniture out, creating a sleeker, and more spacious look.
- Hiring a professional cleaning service, once every few weeks while the house is on the market. This may be a good investment for owners who are busy elsewhere.
- Removing the less frequently used, even daily used items from kitchen counters, closets, and attics, making these areas much more inviting. Since you’re anticipating a move anyhow, holding a garage sale at this point is a great idea.
- If necessary, repainting dingy, soiled or strongly colored walls with a neutral shade of paint, such as off-white or beige. The same neutral scheme can be applied to carpets and linoleum.
- Checking for cracks, leaks and signs of dampness in the attic and basement.
- Repairing cracks, holes or damage to plaster, wallboard, wallpaper, paint, and tiles.
- Replacing broken or cracked windowpanes, moldings, and other woodwork. Inspecting and repairing the plumbing, heating, cooling, and alarm systems.
- Repairing dripping faucets and showerheads. Buying showy new towels for the bathroom, to be brought out only when prospective buyers are on the way.
- Sprucing up a kitchen in need of more major remodeling by investing in new cabinet knobs, new curtains, or a coat of neutral paint.
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