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DMAR Real Estate Market Trends Report | December '16  

Residential real estate in Denver area was driven by historically low inventories, high demand, and affordability concerns this year. So what will 2017 have in store?

As 2016 comes to a close, the report spotlights how the hot real estate market fared this year, experiencing both record highs and lows. In July, Denver-metro hit an all-time high for the average sold price of a home at $420,178 and median sold price at $365,000. February marked a record low for month-end inventory at 3,963; compartively, the all-time  high was in July 2006 at 31,989 listings. 

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To view the entire report, click here...

We've Moved!

2500 East 6th Avenue, Denver Colorado 80206 | Cherry Creek

 

Stop by and visit us at our convenient new location at the southeast corner of 6th and Columbine.

Just blocks from Cherry Creek North with plenty of free parking.

HOW THE FED's INTEREST RATE HIKE HITS CONSUMERS

For only the second time in more than a decade, the Federal Reserve has raised short-term interest rates. 

The interest rate that the Fed conrols affects what banks pay to borrow money from each other. That rate, in turn, affects how much interest consumers pay on everything from their mortgages and credit cards to car and small business loans. 

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-Ice Skating at Skyline Park

-Enjoy the sights, sounds, smells, and tastes of the Denver ChristKindl Market

-Awkward Family Photos at the History Colorado Center

Sellers and Buyers

Telling Children About Moving

The new school semester is around the corner and you’re preparing to move your kids to a new home, new neighborhood and new school. How can you keep the drama to a minimum?

The younger the child, the less able he or she is to "see into the future." Children tend to focus on losing what’s familiar, and they worry about missing friends and family. Before you sit down to tell your children about an upcoming move, prepare a comforting strategy:

  1. Let your children know, step by step, what is happening and what is likely to happen next.
  2. List all the advantages in the move. For example, will the family be closer to a favorite person, place, or activity? Will your children be able to see old friends and family?
  3. Share as much as you can about the new home, such as where their rooms and baths are and special features like a new playroom or swimming pool.
  4. Introduce your children to their new home online and in person, if possible. Show them where schools and parks are, and other points of interest to help them orient themselves in their new surroundings.
  5. Be ready for "What about me?" questions. Contact organizations for information about ways to continue your child’s special interests. Knowing they won't have to give up favorite hobbies or sports goes a long way toward helping children adjust to a new environment.

Your preparedness will go a long way in reassuring your children that their needs are being considered, even while big changes are happening around them as your family prepares to move into a new home.

Decorating Advise

Creating Focal Points

Now that you’re buying your own home, it’s important to know how to put your personal stamp on the décor. How do you start? Whether you’re decorating a living room, bedroom or bath, start with a focal point to enhance the room’s ambiance and underscore the room’s purpose.

Focal points can be created by highlighting a room’s unique architecture, such as a magnificent fireplace or a glittering bay window with a garden, mountain or water view. But what if some rooms don’t have an outstanding architectural feature to build upon? You may have to create one yourself. Here are some tricks of the trade you can use - size, color, light, and curiosity.

Size: Large items attract interest. Start by putting the largest piece of furniture against the largest wall to help traffic flow. Rugs also command attention and anchor the décor.

Color: Paint a contrasting wall color behind your sofa or bed. Pop the color on small items like pillows and placemats. Vivid color helps direct the eye to seating areas and pairs well with neutrals.

Light: Your eye travels to where it can see the best. Put directional light on a piece of fine art. Dim or brighten lighting when you want to change the room’s atmosphere.

Curiosity: A collection under glass, a great piece of art, or an unusual piece of furniture invite conversation and draw attention.

By establishing your focal point, you’ll have an easier time putting the rest of the room together.

Home Improvement Advise

Should You Add-on To A Smaller Home?

You can’t go wrong buying the smallest house in a great neighborhood and making improvements to expand the property. By adding the square footage you need, you can bring your home up to the standards of other nearby homes, often at far less cost than if you’d purchased one of the larger homes.

The problem with adding on is that the home sits on an existing foundation. To add on, you’ll have to use an architectural plan and get the services of licensed professionals in order to create a seamless addition.

The changes have to make sense for your household, for the property and for the neighborhood. In other words, if adding on means you no longer have a back yard, and back yards are standard on your block, it might not be a great idea.

Before you begin, talk to your lender and ask about purchase and renovate loans such as the FHA 203K. Your lender will explain how you can qualify and what the requirements will be, such as how much work needs to completed before funds are released to you. Your home plus the improvements should appraise at about the same amount as other homes in the area.

You or your contractor should apply to the city for a building permit on any changes that alter the footprint of the home. If you’re planning to do the work yourself, and you aren’t licensed, your homeowner’s insurance won’t cover your work. Keep in mind that home improvement is about proportion and aesthetics as well as functionality.

Homeseller's Advise

Winter Showing Tips

You may think that wintertime isn’t the best time to show your home, but you’d be surprised. Yes, winter days offer fewer hours of daylight for buyers to see your home. Sleet and snow make it harder for buyers to house-hunt. Even warm regions have challenges – the weather may be gray or rainy.

But winter has a unique appeal - gathering with friends and loved ones by a crackling fire, winter sports played in the backyard, walks on the beach without all the summertime tourists. So play up what’s great about your home.

Make sure the drive-up appeal is strong. Keep driveways and walkways clear of snow and slush. Put a nice, new welcome mat out for buyers and their agents to wipe their feet.

Leave all the lights on for showings and open the drapes to let in more light. Closed homes tend to hold odors, so open the windows for an occasional airing, and run the fans after cooking meals. Bake some cookies or bread. Boil some cinnamon and spices for a natural, wintry fragrance.

If you have a fireplace, turn it on, but low. Stage the scene with a comfy, holiday-themed throw blanket. Put some big fluffy pillows on the floor.

Kelly Elizabeth Westergren

Broker Associate, Realtor
Kelly@KellyWestergren.com
303-883-4913
www.kellywestergren.com

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2500 E. 6th St., Ste. B Denver, CO 80206
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