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DECEMBER 2014 DENVER AREA HOME STATISTICS

Thu, Jan 15th 2015 10:12 pm by Deborah Tucker Real Estate Trends

The number of Active Listings for both attached and detached homes, in the Denver area's seven metro counties for the month of December, 2014 plummeted to a record low of 3,778. That figure represents less than a 30 day supply and a drop of 17% from the just the previous month!  For that seven county area, the highest inventory level was back in July of 2006, with numbers just under 32,000.  During the five years since 2006, average inventory levels hovered around 20,000.  Beginning in 2012, those figures were cut in half, to an average of 10,000 attached and detached homes for sale in the Denver metro area. So as you can see, we are now at a point where houses will sell at a premium pric...

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DECEMBER DENVER AREA HOUSING STATISTICS

Mon, Feb 14th 2011 3:00 pm by Deborah Tucker Real Estate Trends

Both residential and condo sales are UP from a year ago.  The number of closed residential properties were up 4.04% with 2,422 closing in the month of December.  The average days on market was up to 111, but the number of active listings increased 13.68% to 13,941 homes currently for sale.  The average sale price did decrease 2.53% to $274,625.

As for condominium sales, they were down 4.60% from last year, with only 602 properties closed .  Again, days on market was UP 41.94% to just 132 days and the number of active listings decreased 7.16% to 4,316 units.  However, unlike residential sales, the sale price increased for condo sales 4.02% to $166,841.

August is looking like it too will ...

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JULY DENVER AREA HOUSING STATISTICS

Sat, Aug 14th 2010 4:43 pm by Deborah Tucker Real Estate Trends

Both residential and condo sales are down considerably from July of 2009.  The number of closed residential properties were down 24.5% with only 2,632 closing in the month of July vs. 3,484 which closed in July of 2009.  The average days on market was down to 84, but the number of active listings increased 13.6% to 17,983 homes currently for sale.  The good news in all of this is that the average sale price did increase 7.4% to $297,218.

As for condominium sales, they too were down 34.4% from last year, with only 627 properties closed compared to 956 in July of 2009.  Again, days on market was down 14.7% to just 93 days and the number of active listings increased 8.8% to 5,467 units.  Ho...

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WAS THE FIRST-TIME HOME BUYER TAX CREDIT WORTH IT?

Sat, Jul 31st 2010 2:06 pm by Deborah Tucker Real Estate Trends

According to an analysis by InsideRealEstateNews, “The federal home buying tax credit program cost taxpayers an estimated $46.2 million for homes that closed in the Denver area in May and June of 2010.  The value of the homes purchased that would be eligible for the tax credits – up to $8,000 for first-time home buyers and $6,500 for qualified existing home owners – is $1.45 billion.  Nationwide, the total cost of the tax-credit program could be north of $20 billion, according to some estimates.”  We won’t know the total amount until all tax returns are filed in 2011 for the credits earned for the prior year. 

There is no doubt that for the first few months of 2010, home sales appeared t...

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JUNE DENVER AREA HOUSING STATISTICS

Sat, Jul 31st 2010 2:03 pm by Deborah Tucker Real Estate Trends

The housing statistics for June of 2010 were mixed for the Denver Metro area.  Although the average sold price of residential single family and condos were up 5.83% to $273,511 from $258,434 a year ago, the total number of sold properties were down.  The most significant negative change however, were the under contracts.  At the end of June of 2009, there were 5,664 homes under contract.  The statistics for June of 2010, showed there were only 3,885 homes and condos under contract - a dramatic drop of 31.41%!  That does not bode well for homes sales in July. 

What makes these figures even more concerning for the recovery of the housing market, is that interest rates are at all time lows....

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Fox Hollow Golf Course

Sat, May 1st 2010 11:28 am by Deborah Tucker Colorado Golf Courses

Fox Hollow Golf Course located at 13410 West Morrison Road in Lakewood is one of my favorite courses in the metroFox Hollow Golf Course area.  It is reasonably priced at $40.00, if you are a resident of Lakewood, but of course that is if you walk the course.  After the first hole on the Canyon course, the walk is pretty easy and the Meadows course is a breeze to walk.  The Links is a little longer and has a couple of up hill holes, but is still doable, if you are in relatively good shape. 

Fox Hollow has three nine hole courses, the Meadows, the Canyon and the Links.  Many times if you play 18 holes, you'll be lucky and get to play the Canyon and Meadows.  When you play that combinatioCanyon No. 5n, it's like playing two...

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GOOD NEWS FOR THE DENVER HOUSING MARKET!

Fri, Apr 23rd 2010 1:40 pm by Deborah Tucker Real Estate Trends

It seems like everyday bad news is being delivered by the media in one form or another.  Whether it’s adjusting unemployment figures higher, horror stories about the unsustainable national debt, or how we are headed towards another financial meltdown, the bad news never seems to stop coming.  Well, for a change of pace, I have some good news for Colorado homeowners and buyers.  Home sales and prices are trending up! 

Many experts feel the downward economic spiral is highly attributable to the housing crisis.  If the housing market brought the economy down, then the housing market can help bring it back up.  Again, keep in mind, Colorado’s housing market is normally counter-cyclical to th...

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INTERST RATES ARE TRENDING UP!

Fri, Mar 26th 2010 5:02 pm by Deborah Tucker Real Estate Trends

With the U.S. budget deficit reaching unheard of levels ($1.4 Trillion for the fiscal year ending September 30th)  it is anticipated that interest rates will soon start rising.  Former Federal Reserve Chairman, Alan Greenspan stated, “I’m very much concerned about the fiscal situation. An increase in long-term interest rates will make the housing recovery very difficult to implement and put a dampening on capital investment as well.”  As proof, Wednesday's auction of the five year Treasury bonds did not go well with investors demanding higher interest rates in order to buy bonds issued by the U.S. Government.  Those demands triggered interest rates on mortgages to rise as much as an eight...

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IS THE MAKING HOMES AFFORDABLE PROGRAM WORKING

Sun, Mar 21st 2010 3:05 pm by Deborah Tucker Real Estate Trends

According to recent figures released by the Federal Housing Finance Agency (FHFA) few struggling homeowners have successfully permanently modified their home loans through President Obama's Making Home Affordable Program.  This program was originally touted as providing assistance to between 4 and 5 million people wishing to avoid preventable foreclosures by modifying their home loans.  Through December of 2009, only 66,465 homeowners have permanently had their loans modified.  That is only 8.4% of the 902,620 trial loans that were deemed eligible to qualify for the program.  The original stimulus program passed by Congress and signed into law by President Obama on March 4, 2009, ...

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DENVER METRO SALES PRICES UP!

Thu, Mar 18th 2010 6:25 pm by Deborah Tucker Real Estate Trends

Up ArrowsAccording to sales figures released by Denver Metro List for the month of February, the average sold price for both residential and condos are up considerably over 2009 figures.  The average sold price for residential properties is now $269,688, an increase of 13.83% over 2009 sales.  For condos, the average sales price is up even more, with an average sales price of $166,206, which is an increase of 20.23% over 2009 figures.

What is down, are days on market and inventory.  All good signs that the Denver housing market is starting to rebound.  Most experts anticipate the tax credit for both first-time homebuyers of $8,000 and the tax credit of $6,500 for current homeowne...

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NOW IS THE TIME TO BUY A HOME!

Sat, Mar 6th 2010 3:01 pm by Deborah Tucker Real Estate Trends

If you are a first-time homebuyer or a homeowner looking to move up or possibly downsize from your current home, the next two months may be the best chance for you to make the move!  The government is still offering the $8,000 tax credit for first-time homebuyers through April 30, 2010.  You don't need to have closed by then, just be under contract.  If you've owned your home for at least five of the last eight years, you too are eligible for a $6,500 tax credit, courtesy of the Federal government if you go under contract by April 30, 2010.  There is no requirement that you even sell your current home, just that you are purchasing a new primary residence. 

Another reArrowsason to act s...

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ANOTHER GIFT FROM THE FEDERAL GOVERNMENT!

Mon, Mar 1st 2010 3:03 pm by Deborah Tucker Real Estate Trends

BUY A HOME FOR $200,000 AND RECEIVE $25,000!

As the saying goes, "If it sounds too good to be true, it probably is".  In most instances you can live by that rule, but when you are dealing with the Federal government, you just never know.  Fannie Mae's Homepath Financing Program ("HomePath") is not only for real, but it will allow a first-time homebuyer to receive as much as $24,500 when purchasing a home for as little as $200,000.  Here is how it works:

*  Your down payment needs to be only 3.0%, rather than FHA's required 3.5% which saves you $1,000.

*  No upfront or monthly mortgage insurance is required.  That saves you $3,500 at the time of closing and $88.00 a month for the...

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NATIONALLY PRICES PLUNGE WHILE SALES ARE UP!

Fri, Feb 26th 2010 3:06 pm by Deborah Tucker Real Estate Trends

Nationally, home sales rose in 2009 for the first time in four years, despite a 17% December slump that resulted from the anticipated termination of the $8,000 first-time homebuyer tax rebate, as well as the typical holiday slowdown.   Despite a moderate increase in the number of homes sold, home prices plunged more than 12 percent in 2009 - the sharpest fall since the Great Depression.

This is in sharp contrast to the Denver Metro area, where the number of sales decreased over 12%, but prices stayed steady with a median sales price of $219,000 - only a $900 decline from 2008.   Nationally, housing statistics were just the opposite, with the number of sales up 4.9%, accompanied b...

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90 DAY FHA SEASONING REQUIREMENT WAIVED

Tue, Feb 2nd 2010 3:08 pm by Deborah Tucker Real Estate Trends

On Friday, January 15, 2010 HUD Secretary Shaun Donovan announced that sellers will no longer be required to hold properties for 90 days in order to allow for buyers to secure FHA loans requiring mortgage insurance.  This temporary measure is scheduled to begin 02/01/2010 and continue for a one year period, unless otherwise extended or withdrawn by the commissioner.  This new measure is to help stabilize neighborhoods where foreclosure activity is high.

In order to assure that predatory practics are not not allowed, there are several requirements that must be met in order for the 90 day rule to be waived:

  1. All transactions must be arms-length with no identity of interest betwee...
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$8,000 FIRST TIME HOMEBUYER TAX CREDIT EXTENDED!

Mon, Nov 30th 2009 3:10 pm by Deborah Tucker Real Estate Trends

On November 6, 2009, H.R. 3548 was signed into law by the president. This bill provided a federal extension of unemployment insurance along with the extension of the First Time Homebuyer Credit. Also enacted was a new $6,500 tax credit for taxpayers who have lived in the same principal residence for five of the last eight years. Here is a brief outline of some of the changes:

1. The expiration date for the $8,000 tax credit is now available for taxpayers who enter into a binding written contract by April 30, 2010 and close on the purchase by June 30, 2010. In this case the maximum tax credit available would remain at $8,000, or $4,000 if married and filing separately;

2. For ta...

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KIDDIE CONDO LOANS MAY BE THE ANSWER!

Mon, Nov 23rd 2009 3:11 pm by Deborah Tucker Real Estate Trends

A Kiddie Condo Loan can be a great investment strategy for both college students and parents alike. Despite their relative obscurity, these loans can provide significant financial and lifestyle benefits. Savvy parents can purchase a property for their college bound students and obtain an FHA loan for as little as 3.5% down. Their child, if a first-time homebuyer, can also qualify for the $8,000 tax credit if the home is purchased on or before December 1, 2009. In addition, the child can live in a more comfortable environment than the college dorms. The "Kiddie Condo" loan program allows the college student to co-borrow with a blood relative (eg. parent, grandparent, sibling, etc.)...

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