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JANUARY 2017                                                            DENVER  METRO                                                       

 
 
Market Trends Report
 

2016 marks record-high home prices, record-high sales volume and record-low inventory in metro Denver

As 2016 has drawn to a close, the report identifies highs and lows in the housing market last year and how it compared to previous years. 

"2016 will go down as another robust market defined by record-low inventories and record-high prices," states Steve Danyliw, Chairman of the DMAR Market Trends Committee and Denver real estate agent.

Read more... 

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.

 
Resources
 

Homeowner's Advice | All About Wood Floors

Hardwood floors never seem to go out of style – their beauty and durability is appreciated by generation after generation of homeowners. So if you’re planning to install wood floors, you’ll want some basic information in order to choose wisely.

According to Hardwoodinfo.com, hardwoods are “deciduous trees that have broad leaves, produce a fruit or a nut, and generally go dormant in the winter. Popular hardwoods include oak, ash, cherry, and maple.

Softwoods, says the site, are conifers, evergreen and cone-bearing trees including cedar, pine, and redwood. Softwoods are generally used for behind the scenes construction lumber, while the beauty of hardwood grains make them preferable for display purposes, such as in cabinets and flooring.

Sometimes older homes feature pine floors, and cedar is often used to line storage closets, but generally, hardwoods are preferred for high traffic areas like living rooms and dining rooms.

If you’re buying wood floors, you can get them unfinished, and they’ll be sanded, stained and polished on site, or you can buy pre-finished hardwoods. You can also buy engineered hardwood floors, in which several thin layers have been bonded together in planks for easy installation and water resistance.

Caring for hardwoods and softwoods is easy – use only cleansers that are recommended for wood. Keep floors swept often, as dirt, grit and debris carried by shoes can scratch and penetrate the wood. Avoid wearing heels on hardwood floors and put furniture protectors under furniture legs if there is no carpeting.

 

Mortgage Advise | Is a Low Price or Low Interest Rate Better?

Right now, buyers have the best of both worlds – home prices are beginning to slow down for the season and mortgage interest rates are near record lows. So should you wait for prices to go lower or take advantage of low interest rates right now?

The price of a home is fixed, so home prices have to drop significantly to beat a minor fluctuation in mortgage interest rates. Here are some numbers to consider:

  • If you buy a home at $400,000 with 10 Percent down ($360,000) and a 30-year, fixed-rate mortgage at 3.5%, your monthly payment will be $1,617. If you keep the mortgage for the entire term, you’ll pay $221,962 in interest.
  • The same home at 4% interest costs $1,719, a difference of $102 more per month and $258,730 in interest over the life of the loan. The difference in interest payments alone is $36,768.
  • If you’re able to buy the home you want for five percent less ($380,000 less 10 percent down) and 3.5% interest, your payment would be $1,536, $81 less per month than in example one.
  • You’re able to buy the home for $380,000, but in the meanwhile, mortgage rates go to 5%. Your monthly payment is $1,633, $97 more per month than if you’d purchased at 3.5 percent.

Clearly, higher interest rates cost you more monthly, but getting a better deal on a home is nearly just as good. Take advantage of slowing prices and low interest rates while they’re both available. Happy home hunting!

 
 
In Town This Month
 
 

Best Ideas for Christmas Tree Disposals

You love having fresh Christmas trees, garlands and wreaths, but now the holiday season is over. How can you dispose of Christmas trees and decorations safely and responsibly?

Most communities have drop-off locations for garlands and trees or they provide scheduled pick-up service. Call your community’s environmental service (city trash or yard debris service) and ask these questions:

  • When can you put your tree on the curb for pickup?
  • Do you need to put the tree in a bag? (You can find tree disposal bags at Home Depot or Lowes.)
  • Are there any size restrictions? (For example, the city of San Diego requires that trees over four feet in length be cut in half.)
  • Are there special disposal requirements for flocked or glitter-sprayed trees?

Your homeowner’s association may have regulations about tree disposals, so look at your covenants or call a board member for guidance.

If you’re eco-conscious, you can take your tree to your local county recycling center where it can be ground into chips for animal habitats or mulch.

Look for a local community group that may be sponsoring a tree removal fundraiser, such as the Boy Scouts. It will cost you a little more, but it’s all for a good cause. Check your local newspaper or official city website for other disposal options.

Before you take the tree outside, double-check for overlooked wire, tinsel, ornaments, hooks and lights. Don’t burn branches in the fireplace if the tree has any chemical retardants or preservatives.

 

How to Make Money the Next Time You Move

If you're selling your house, whether it's a home for sale in Jacksonville, FL, or Colorado Springs, CO, you probably want to make as much of a profit as possible. But how to do that is not always obvious. Besides pricing your home just right --- not so high as to scare away buyers and not too low as to cheat yourself out of some dough --- there are some other considerations for making money that might not be on your radar. Read on for seven ways to make money the next time you move, via Forbes.

 
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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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