Featured Home for Sale in Congress Park.

960 Milwaukee St Denver CO 80206 | $1,100,000 | 3,271 Sq. Ft | 4 bedrooms, 3 Bathrooms

Modern and unique, this home for sale in Congress Park is truly one-of-a-kind. This well-appointed home will not disappoint. You will love the fireplace in the living room, the modern, sophisticated kitchen, wide-plank hardwood floors and a family room that leads to the spacious backyard. The main floor bedroom can serve as a great guest room or office while the three bedrooms on the second floor are large with plenty of natural sun. Not to mention all the perks of this home for sale in Congress Park: walking distance to Shell’s and Sauce, coffeeshops, restaurants and shops on 12th Ave and Botanical Gardens.

Home for sale in Congress Park.

Maybe this home doesn’t work? Here are some more homes for sale in Congress Park that may be a better fit:

Continue your search for a homes for sale in Denver here.

Listing courtesy of Sage + Sparrow Real Estate.

Do or Die.

Okay, the title of this post may seem a bit drastic but it certainly feels like that is how this real estate market has turned in 2020 for Denver homebuyers. What can Denver homebuyers expect and what is the best approach to buying a home in 2020?

This chart ended up being the holy grail of information regarding the Denver real estate market in 2019. It  helped advise clients on when it was best to buy or sell real estate and help clients make the best decisions. Using the information from this chart, I was able to help clients decide to buy a home in the fourth quarter of 2019 versus waiting until first quarter 2020 due to the power that the buyers had as 2019 ended and knowing we were entering a more competitive marketplace in 2020.

For folks looking to buy and/or sell a home in 2020, there is now an even more comprehensive chart on what to expect to see month by month in the metro Denver real estate market:Denver homebuyers

This chart is usable for both buyers and seller but this week we will focus on homebuyers and next week, sellers. In my opinion the first row, “Active Count” is one of the most important. Simply put that is the expected number of homes on the market and based on the number, who has the most opportunity. January through April have the lowest count of active homes on the market, therefore, giving sellers the advantage. A low supply of homes will mean thatDenver  homebuyers will find themselves competing for homes and homes will go under contract quickly (reflected in row 6, “average DOM”, and 7, “median DOM”, on the chart).

As the market continues to heat up, Denver homebuyers will start to see multiple offers driving up the price of homes. Row 5, “% of list price to close price”, will show this best. March, April and May show that the sale price is actually ABOVE the list price. Keep in mind, since we are using sold prices for this row, there will be a little bit of a lag since the typical close to 30-45 days. This means the sales number for March will correspond with homes that are listed in January or February, April sales will reflect homes that go under contract in February or March, and so on. What this means for buyers looking at homes currently is that you can expect most homes to go under contract for slightly over the list price.

This is the most impactful piece of information regarding the marketplace currently because we start to see a significant increase in prices in a short amount of time. As buyers bid up homes, there are now more expensive comparable sales for a similar home to warrant a higher price the following month. Then THAT home is bid up more, etc. This compounding effect of prices means that buyers often find themselves at an important decision point over just a few months: increase their budget or decrease their needs/wants in a home.

This sudden change in the market can create a bit of anxiety and confusion for buyers that may have seen a slower market in the fall. Here are a few things that I am often asked and that buyers should consider.

I don’t want to/have the ability to compete and go over my price point.

There are two ways to approach this: start looking below your price point, knowing that the price may need to rise. Or, don’t compete. Even though the market is tight, there are always opportunities. As I always mention – be open to homes that may need a little cosmetic work, homes that don’t have professional photos or homes that have been on the market longer than a week. As a buyer, you will typically have more negotiating power with these homes.

With the market not favoring Denver homebuyers, should I even continue to look?

Yes. Historically, we have seen the market appreciate 10-12% in the first half of the year. As the chart depicts, the second half of the year has more homes on the market, giving the buyers much more opportunity. In the second half of the year, we do start to see price decreases 2-3%. Sure, you may be able to get a home for less than the listing price in the Fall, however, it will still be 6-9% higher than the beginning of the year.

With so little on the market, I feel pressured to make a quick decision for a huge purchase.

I get it, this market is moving quickly and at no point am I saying to settle on a home. However, really try to trust your gut and try to decide on your must-haves vs. wants as soon as possible. What can you definitely have to and what is nice to have but you can live without? Additionally, try to get rid of the preconceived notion that you have a look at a lot of homes to find the one. I cannot tell you how many times, homebuyers have found their dream home within the first few homes but felt the need to look at others. Unfortunately, the market is moving quickly and often time that dream home goes under contract quickly and you spend months looking for something similar (to only face an increase in home prices).

We are in a very competitive seller’s market but there are plenty of opportunities for Denver homebuyers to win. IF you are a buyer that was looking through the fall/winter and now see this sudden, abrupt change in the market, please know this is very typical of the Denver real estate market. The quicker you can wrap your head around the change and set new expectations, the easier the home-buying process will be for you.

Denver homebuyers, feel free to reach out to Liz for a more detailed analysis of the current real estate market.

Liz is  broker and owner of Liz Daigle Realty.

 

Featured Home for Sale in Centennial.

4735 E Pinewood Circle Centennial CO 80121 | $1,035,000 | 4449 Sq. Ft | 4 bedrooms, 4 Bathrooms

This Centennial home is located in gorgeous The Pines neighborhood. No detail is spared in this home. You will be welcomed by the vaulted ceilings, large windows allowing for plenty of sunlight, a gourmet kitchen and an office. And that is only on the first floor! Head to the finished basement where you will find a home theater, a gym wired with A/V and a climate-controlled wine cellar that can hold up to 600 of your favorite wine bottles! The backyard offers a private oasis with a landscaped and fenced yard that backs to a neighborhood pond.

home for sale in centennial

Are you looking for a home for sale in Centennial? Here are a few similar homes for sale in Centennial:

Continue your search for a home for Sale in Centennial here.

Listing courtesy of Re/Max Alliance.

Liz is  broker and owner of Liz Daigle Realty.

 

Welcome to 2020! Where are all the Homes for Sale?

home sales

Happy New Year!

A new year (and decade) often comes with new opportunities, a fresh start and a desire to change. However, homebuyers in metro Denver might get that that sense as they search for homes for sale.

The last quarter of 2019 looked promising with an increased level of housing inventory, price reductions and homes taking longer to sell. Although, as we approached the start of 2020, we saw a steady decline of homes on the market. From November to December the number of homes for sale plunged 27%. The typical drop for the holidays between November and December is 11%. This 27% drop was uncharacteristic.

Sure, this lack of inventory is not new for Denver. We have certainly been here before but what is different is WHO is driving this lack of inventory. In the past, the lack of inventory has been due to the homes going under contract quickly as buyers compete (very often resulting in multiple offers and driving up the price). Currently, the lack of inventory is truly because sellers are not selling their home. There are no homes for sale.

It is still early in the year to fully speculate what will happen but it is fair to say that with little inventory, the environment can get very competitive (again) for the first half of the year.

As always, we will keep you updated as the year progresses.

 

Liz is  broker and owner of Liz Daigle Realty.

Zillow’s Pre-Foreclosures.

pre-foreclosures

As we approach the holidays, we are seeing inventory tighten and homes that have not sold yet are being taken off the market. Whenever there is a decrease in homes on the market, I always get asked about Zillow’s pre-foreclosures. As you search for homes on Zillow, you are bound to come across a pre-foreclosure. Pre-foreclosures can be a great opportunity are a bit different than an active home on the market.

The best away to explain these pre-foreclosures is to understand the foreclosure process in metro Denver. Arapahoe county has a great timeline of the foreclosure process here. The process may differ from county to county but this is a great visual of the process.

When the homeowner’s mortgage becomes delinquent, the first step to start the foreclosure process is for the Lender to file a Notice of Election and Demand. This notifies the homeowner the mortgage is delinquent and they have until a certain date (110-125 days) to bring it current or foreclosure proceedings begin. This is when it becomes public record and is updated on Zillow. Therefore, when you see it on Zillow it is not on the market, the homeowner has just been notified that foreclosure proceedings make start if the mortgage is not brought up to date.

If you are interested in a pre-foreclosure home, there are a few things to note:

  • These homes are not on the market and to view on of the homes, your agent needs to reach the homeowner directly. This might be accomplished by a card, knocking on the front door, etc.
  • This can be a very emotional process for the homeowner. Typically, an unforeseen situation has occurred to get to this spot, such as, losing a job, medical bills, etc.
  • This process can be VERY competitive. Pre-foreclosures can be very appealing to investors trying to make money on flipping the home. You may find yourself competing for the home with investors that are willing to pay cash and provide a housing solution to the homeowner once they sell (hiring a moving company to move the homeowner or even paying for a year’s rent for them).
  • The process is not the shortest. Often, homeowners in this situation will attempt to avoid it for as long as they can. The lender and the county will not want to foreclose and the homeowner has up to 15 days before the foreclosure sale to “cure” the mortgage and pay what is due.

As you can see, pre-foreclosures are definitely different from a home that is listed actively on the market. Pre-foreclosures can be awesome for someone with a flexible timeline and someone who doesn’t have a lengthy list of criteria and can be open to location. To win at pre-foreclosures, it is best to keep very broad search criteria and be patient. Be sure to chat with Liz further about pre-foreclosures.

 

Liz is  broker and owner of Liz Daigle Realty.

 

 

Denver Home of the Day – December 5, 2019

6071 S Detroit St Centennial CO 80121 | $959,000 | 4,548 Sq. Ft | 4 bedrooms, 6 Bathrooms

Wow! This Dream House Acres custom ranch is gorgeous with a jaw dropping gourmet kitchen. Enjoy cherrywood cabinets, high end stainless steel appliances, large island and slab granite counters. Enjoy a double-sided fireplace that opens to the outdoor patio and living room. The walkout basement has a rec room, bar, bedroom and private bathroom. Great proximity to Trader Joe’s, SouthGlenn, parks, the Highland Canal and more!

Listing courtesy of HomeSmart Cherry Creek.

Liz is  broker and owner of Liz Daigle Realty.