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The Numbers – How Highlands Ranch Homes Sales Fared in 2013
Happy New Year!
Now that we have a couple weeks of 2014 under our belt let’s take a look at how the Denver area real estate market performed last year. There is a lot of positive speculation out there regarding the economy and especially the real estate market here in Highlands Ranch, it’s always a good idea to take a look back at the year end real estate data for 2013 to get a sense of the activity and where it may lead us this year.
By most accounts, last year was a tremendous success when it comes to the Highlands Ranch housing market! Days on market averaged only around a month while the average months of inventory remained just about 2 months. If we compare the activity in Highlands Ranch for 2013, year over year to 2012 we see these very positive results: Overall number of sales in 2013 were up by 314 homes. (Keep reading below my year end graphic.)
Overall days on market to sell those homes was down by an average of 25 days. Almost a month! And the overall average sales price INCREASE was $22,318,000. So more homes sold, for more money and took a lot less time to sell. Is there any downside to that? Actually, if there is a downside to the year end real estate data in Highlands Ranch it is the inventory levels. Low, low, low housing inventory throughout much of the Denver metro area but this is especially true in Highlands Ranch. This creates a great market for sellers who want a faster sale and near asking price on their home – if of course it is priced right in the first place. But for home buyers, this increases the likelihood of needing to overbid on homes, feeling rushed a bit in making a decision and of course, the disappointment of losing out on the home, or homes, of your dream. It can be rough. Most of the sellers become buyers and feel both ends of the home low inventory issue.
However, the year end real estate data for Highlands Ranch for 2013 is still a very positive result. It is always good to have home prices increasing and demand high. This is a great situation to be in. With interest rates remaining low for the time being, I would suspect demand for Highlands Ranch homes to stay red hot and why not, Highlands Ranch is a wonderful place to live and an excellent place to own a home.
I live and work in Highlands Ranch and have for nearly 20 years. If you are considering a move in Highlands Ranch, you’ll want an agent with experience to help navigate the details in a fast moving market with competing offers. If I can help you with your next move, please get in touch and let’s start the conversation.
How is the Denver Housing Market 2013?
If you are in tune with the real estate market in Denver at all, then I’m sure that you have heard all about the lack of inventory. Here’s the facts on the 2013 housing market. The inventory is really that low! I have a number of qualified buyers looking right now with nothing to look at. I’m not alone. Many of my real estate colleagues have the same problem. In fact, being in this business I get email solicitations all the time for new listings on the market, builder homes, etc…but lately I have been getting a ton of emails from other agents asking if anyone has a new listing coming on the market in certain areas and price ranges because they have buyers wanting them. We are doing everything we can at this point to try and drum up some inventory for our buyers. We are really in a situation where there is a huge demand and homes for sale are needed in Denver!
So, if you or someone you know may be considering a move and need to sell a home now may be the best situation as a seller that you could ask for in a very long time. Mortgage rates remain extremely low, and buyers are out to buy right now. This does not mean that you should think of asking too high of a price for the neighborhood or not bothering getting the home in shape to show. No. It is not a free for all. Well, in some areas and price ranges it may be close to that. But for most, you still need to be in a market range of value not only for the buyers to agree with but for the lender’s appraiser to agree with. You see, they still need to have solid facts that the home is worth that much in it’s present condition for the neighborhood. But it may be a great time to push the values to the high end!
But let me be straight to the point. If you want to sell your Denver area home right now then with the right pricing strategy, in good condition and an aggressive marketing plan it couldn’t be a better time to do it. The economy is improving and confidence is rising rapidly. The Denver real estate market made the shift a long time ago and as we head along the inventory will increase and balance out. This will be a good and healthy market. Right now it is to the seller’s advantage. Take advantage of this market timing and sell while the market is hot!
If you have concerns about finding a replacement home or questions about a solid marketing plan then please get in touch. We can chat some about all these things and come up with a plan that is right for you. I would love to help!Search Denver Homes
Here is my Denver Real Estate Report for Year End 2012. It is a comprehensive data report showing real estate data for the Denver Metro area in many cases all the way back to 2005. That comes in handy when you want to see trends and real estate market movements.
The key takeaway from this report is this: the Denver real estate market has, by and large, rebounded and moved upward in values. Average sold prices have increased in 2012 over 9% from 2011 and days on market have decreased just under 29% in 2012 versus 2011! Contrary to many of the markets nationally which may still be hurting or just stagnant, Denver has began to come back strong! Real estate is local and I’ve always said that. I still hear plenty of folks, especially those that may be relocating here to Denver that since it is a buyers market they may just rent and wait until the prices bottom out. I don’t know. I think that ship may have already sailed. Please take a look at the Denver real estate report. Rental vacancy here in Denver is so low in most areas that rents are at a premium and landlords are having no trouble at all getting what they ask for. So with that in mind I think many of the would be renters are finding it to be more expensive to rent than to own. The other big contributing factor to this is the low cost of financing. Rates are cheap! If you can qualify to buy, I think you need to be running those numbers, taking a look at the market trends and realizing it is time to buy.
The current buzzword here is “inventory”. Better put, a lack of inventory. Denver had nearly 58% fewer homes on the market in 2012 than in 2010 and just under 30% fewer homes from 2011 which itself was a slow year! In nearly every zip code statistics indicate a strong seller’s market. Great for sellers and for buyers, it just means less to choose from and if you’re serious you better be completely prepared and ready to contract quick once you find the right home. Also, don’t expect sellers to feel the need to discount too much. Most are getting pretty close to ask price and in many cases over that with multiple offers.
If you are in the market to buy or sell real estate in the Denver Metro area, please get in touch. I want to help. You need a broker with knowledge and experience to help you navigate an ever changing market. Contact me and let’s talk a bit and see if we are a good match to work together.
The Littleton Real Estate Market Report for October shows great signs of continued improvement. The real estate data for the month is up significantly in the average sold price with just under 15% gain from last year!
Taking a look at the year to date figures, we can see that the homes under contract and sold are both up over 30% while the days on market have slid down just about 30% as well. Wonderful news for the sellers in the Littleton real estate market. Buyers will need to compete for the few listings available in today’s market. Inventory levels are down and active listings in Littleton are down just about 42% from the same time last year.
The good news for buyers is the continued low interest rates. With mortgage rates this low, it makes it easier to qualify and of course, your money can go a lot further each month with less to pay towards interest.
Overall, Littleton is in a seller’s real estate market. With low inventory and rising values, I think we have seen the bottom of the market come and go already. Get ready for a great 2013.
If you would like help selling or purchasing a home or investment in Littleton, please get in touch. I would love to talk.
Denver Homes Sales Statistics
Let’s start to look at some Denver real estate market numbers as we head into the last quarter of 2012. There is still talk on the national news, magazines and such of this housing slump. Again, it is all local as I have said many times before.
As far as our local market here in Denver, no slump. In fact, the market is in many instances so HOT that homes just can’t stay around long enough for everyone to see them. There are multiple offers on many homes in certain areas and price ranges and overall, the inventory is down. WAY DOWN! But then again so are interest rates and if you are a serious buyer the best advice right now is to be prepared and ready to pull the trigger if you find the right home.
The chart below indicates the market for Denver, October 2012. Yes, it is late November but the stat’s lag a bit and need to be compiled. Still, you can see the overall changes in October from the previous year, fewer inventory and more sold and an increase in price. A good market indeed.
Let’s focus a bit on the right hand column, the year to date figures. You can see big percentage gains of Denver homes pending and sold with less inventory. Seems to signal demand for Denver real estate to me. More good news is big drops in the days on market and significant gains in median and average sold prices.
Most of the homes in Denver are in a seller’s market. Low inventory, low interest rates drive the buyer competition and spur on the real estate market. If you need help buying your next home or investment property, or maybe you need help marketing and selling your current home or investment, just get in touch. I can guide you and provide proven results.
I think we all are aware that our credit score plays a big role in attaining a mortgage, or not. Lenders check and re-check these scores in the process of determining a loan. Poor credit scores can certainly influence the denial of a mortgage in many cases. Let’s look at how credit scores affect mortgages.
So what exactly are these scores and how are they calculated? Can I get a copy of my scores? These questions are important to ask yourself if you may be considering a mortgage or a refinance of your existing mortgage.
Your credit score, or FICO score is a number anywhere between 200 and 800 generally, which is used to rate you based on a number of criteria. These credit scores are drawn from the main three reporting agencies, Equifax, TransUnion and Exprerian. These reporting agencies simply report what you have done in managing your credit in the past or the new credit you have or want. They look at the type of credit (revolving, mortgage, auto..), length of credit and of course, payment history to issue a credit score based on these factors.
So what does a potential mortgage lender look at to determine a loan for you? How do credit scores affect a mortgage? Clearly, they will want to see that your payment history is decent. It may well factor into how you will pay them. They will also want to see if you have a mixture of credit types that you have managed such as revolving credit, installment loans and even previous mortgage loans. They will also put weight into the amount of credit you have. This can indicate how much in debt you can become should you use all the available credit.
Your credit score ends up being a big part of getting a mortgage. There are other factors such as income, overall debt and others that accompany the credit score to help determine a mortgage for you and even at what interest rate. It is important to know and understand your credit report and your credit score. You can get a copy of your own report for free at Annual Credit Report and I would recommend doing so just to make sure it looks correct and help you make a plan to improve it if needed.
If you are in the market for real estate or considering it, please get in touch. I can help guide you through the process and refer you to my mortgage partners that are experienced and excellent at finding the right financial fit for you and your lifestyle. I can put it all together and help you find the right investment at the right price. Just get in touch and we can go from there.