Real Estate Market Trends Report | June '19

Denver Metro Association of Realtors

In May there were 8789 new listings, up 16.97 and 38.12 percent from the previous month and year, respectively. At month's end, 6470 homes went under contract, up 5.65 and 10.5 percent from April and Last year, respectively. Notably, the average single family home price reached a record breaking $555,482.   

Read more... 

To view and download the entire report, click here...

Boulder County Affordable Housing Projects Awareded $8 Million in Tax Credits

Times-Call

The Colorado Housing and Finance Authority awarded a record $25 million in low-income housing tax credits to 12 affordable housing projects around the state on Tuesday, $8.3 million of which will flow into Boulder County. 

Read the full article here.

Buyers are Considering Fixer Uppers

The limited number of entry-level homes for sale coupled with rising prices is turning many homebuyers’ attention toward homes that need updating or repairs.

Homes that need work are in less demand than homes that are in pristine condition, affording homebuyers the opportunity to pay less for a home, yet get the features and ambiance they want through remodeling.

According to realtor.com's most recent homebuyer survey, over half of participating homebuyers are willing to spend $20,000 or more on renovation. Why? Ninety-59% of them are confident they’ll get a positive return on their investment.

The survey found that about three out of five home shoppers under 55 years-old are considering buying a home that needs renovating, and fifty-nine percent of homebuyers between 18 and 34 years-old are willing to tackle a fixer-upper.

Ideas for renovations are easy to find on your cellphone or tablet from Pinterest and Instagram to Houzz, to a plethora of home remodeling shows on your television. In fact, 60% of homebuyers surveyed said they were influenced by home remodeling shows to consider buying a fixer-upper.

One-third of homebuyers said that a kitchen upgrade would be their first priority, and one-quarter said they wanted to remodel a bathroom, followed by 20% who want new wood flooring.

According to the National Association of Home Builders, homebuyers are most interested in having a laundry room to close off piles of dirty clothes and linens, along with Energy Star appliances and windows throughout the home.

 

Five Ways Homebuyers Get the Wrong Impression of your Home

You’ve done everything right, or so you think. You’ve painted, landscaped and staged, but your home isn’t selling as fast as you thought it would. Here are some surprising reasons why buyers may have the wrong impression.

Poor photography. Don’t take pictures of anything that won’t help your home sell. Make your eye see details, like mail sticking out of the mailbox, trash receptacles on the front lawn and tricycles in the driveway. Take the time to remove anything that doesn’t enhance your home’s presentation.

Pets. Barking dogs can be intimidating, distracting and sometimes dangerous. Secure your pet in a crate during showings, board them, or take them with you. Otherwise, buyers won’t feel comfortable viewing your home. 

The car park. If you have a two-car garage and two cars, put both cars in the garage. If you have more vehicles than garage spaces, with cars on the street, it makes your home appear too small for the number of occupants.

Being too controlling. When you limit the times your home can be shown, you’re handicapping homebuyers who may only be able to come at that time.   

The wrong price. Your home is in a neighborhood of similar homes in vintage or size. If homebuyers don’t see the reasons why your home is worth more than other similar homes, they’ll move on to the next listing.

You can count on your Berkshire Hathaway HomeServices network professional to help you avoid similar mistakes and sell your home in a timely manner.

Recourse and Non-Recourse Mortgage Loans

Recourse or non-recourse loans are a topic that may never come up while you’re applying for your mortgage, but it’s nonetheless important to know what they are. They’re not a type of loan like fixed rate or adjustable rate, nor are they conventional or government-guaranteed loans like FHA and VA loans.

Whether a mortgage loan is recourse or non-recourse depends on the lending statutes in the state where you buy your home using a home loan. Nolo.com defines a recourse state as that which allows the lender to pursue a deficiency judgment in court. A deficiency is typically the difference between what is owed to the lender and what the lender can collect through foreclosure. This means that in recourse loan states, the lender is likely to have “recourse” to collect the debt if you default on your mortgage. If the amount you owe on your mortgage is greater than the amount the lender can obtain in a foreclosure, you could be pursued for the deficiency.

Generally speaking, in a non-recourse state, the lender can neither obtain a deficiency judgment nor collect anything beyond what the foreclosure sale of the property may bring. According to Legalmatch.com, there are currently 12 non-recourse states: Alaska, Arizona, California, Connecticut, Hawaii, Idaho, Minnesota, North Carolina, North Dakota, Texas, Utah and Washington.

Keep in mind that each state has different rules about deficiency judgments, so to learn more, contact your lender or your real estate attorney.

7778 Ellen Lane | DENVER

$375,000

• 4 Bedrooms
• 3 Bathrooms
• Spiral Staircase and 3-Car garage

225 N Millbrook | AURORA $440,000

• 4 Bedrooms
• 4 Bathrooms
• New Wood Floors

618 S Gilpin | DENVER

$965,000

• 3 Bedrooms
• 3 Bathrooms
• 1 Block to Wash Park