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The U.S. Housing Boom Is Coming to an End, Starting in Dallas

Source: Laura Kusisto of the Wall Street Journal
Love Your Hood Denver Photos

Our nation’s economy experienced one of the strongest six month periods in decades during Q2 and Q3 of the past year. Yet, the housing market grew increasingly stagnant. The nationwide slowdown is led by the the same cities that have had the strongest growth following the previous recession: Seattle, Denver, New York City, Boston and the Bay Area. Wall Street Journal reporter Laura Kusisto states this decline as “the longest slump in more than four years.” Kusisto dives into further data, graphics and stories of how market pressures have affected new people in the full article.

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Denver’s Green Space is Becoming a Concrete Metropolis

Source: Bruce Finley of the Denver Post
Love Your Hood Denver Photos

A quick glance at this article’s title might merit a smug “duh” or “of course.” As a city grows, green space almost always disappears. However, based on research from The Denver Post, this is a critical issue for Denver residents. Based on aerial imaging and historical trends, Denver’s green space could drop to 30% of the total city by 2040. Only New York and a few “mega cities” exceed the rate at which Denver’s green space is being developed over. An arguably more important metric is the fact that Denver ranks last among major U.S. cities in park space as a percentage of total area. City planners and the Denver community as a whole are going to have to get creative to prevent these grey projections from becoming a concrete reality.

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Denver Real Estate Market Snapshot - November 2018

Rising Inventory Not Enough to Slow Denver Housing Price Climb

Denver Real Estate Market Snapshot - November 2018

November home prices fell from the previous month, but still showed an increase of 7% from a year ago. The median November price of $465,588 is just shy of the yearly median home price. The bigger point to notice is the increase in housing inventory. While we’re still solidly in a sellers market, with 2.2 months of housing inventory (a 57% increase over this time last year), we’re steadily moving towards a more neutral market. It would be hard to not attribute some of this to the rising mortgage rates in a market that is continually becoming less affordable. 

Dispelling the myth: Downtown Denver is not overbuilt

Dispelling the myth: Downtown Denver is not overbuilt

Source: Matt Vance of the Colorado Real Estate Journal

Dispelling the myth: Downtown Denver is not overbuilt

Standing on a downtown balcony, cranes are visible in every line of sight. But just how fast are we growing? 10,200 apartment units are in planning or under construction right now, which would grow the downtown apartment stock by a whopping 49 percent. Are we really growing that fast!?

The Colorado Real Estate Journal analyzed the jobs to apartment units ratio (how many new jobs are needed to fill one new apartment). With Denver’s jobs to apartment units ratio falling and more jobs entering the city, this means Denver’s population is shifting towards renters. The 10,200 new apartment units will may help Denver’s downtown keep up with the city’s influx of jobs.

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“Every single neighborhood” will benefit from $45 million budget increase for Denver parks

Source: Andrew Kenney of the Denver Post

Whether it’s Denver’s ambitious Outdoor Downtown plan coming to life or simply repairs to the aging swing set at the park down the street from your home, big improvements are coming to Denver’s park system. The change comes in the form of over $45 million per year flowing into the parks department. The addition to the parks budget coincides with funding for nonprofits which provide mental health care, scholarships, and healthy food for children. It will all be paid for by an increase to the city’s sales tax of 0.66%, approved by 60% of Denver voters. Starting January 1st this parks budget boost will affect every neighborhood in the city.

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Denver Real Estate Market Snapshot - October 2018

Are Denver Home Prices Starting another Climb?

Denver Real Estate Market Snapshot - October 2018

Interest rates continue to rise, and September’s brief lull in rising median home prices and sales has disappeared. Prices in October have reached a quarterly high. While inventory is up over last year it is down from the past month. Buyers expecting to gain some leverage in what appeared to be a home market about to recede might have to readjust their budgets. Some of us may be letting out a sigh of relief that average prices are below the $500,000+ mark we reached this spring. However, October is a reminder that we still live in one of the most competitive real estate markets in the country.

Colorado’s population growth slowing, and that could spell economic trouble down the road

Colorado’s population growth slowing, and that could spell economic trouble down the road

Source: Aldo Svaldi of the Denver Post

Say what??

Colorado residents are more than familiar with our state’s population surge in recent years. In fact, the state has grown nearly twice as fast as the U.S. population in the past decade.

Several factors are changing this:

  • a slowing rate of state immigration,
  • an aging population, and
  • a birth rate below that of the 2.1 replacement rate

This leads to an uncertain future for Colorado’s economic and population growth. State demographer Elizabeth Garner offers further analysis and potential solutions in the full article.

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So Much for the Starter House

Source: Ronda Kaysen of the New York Times

So Much for the Starter House | Denver, CO | Love Your Hood

Imagine yourself a couple years into a solid career. With a few dollars saved up and a strong sense of belonging in your city, you decide it’s time to become a homeowner. Many of you reading are likely in this exact situation; with your dream home, a few kids, and several pay raises away, you’re looking for a starter home. Fit for your current lifestyle, this is a home where you plan to live for 5-10 years before moving into something “better.” It’s a reasonable plan, and even likely what your parents did.

However, this plan may not work out quiet the way you envision. With a rising interest rates, limited properties for sale, and rising sale prices, Americans are staying in their starter homes for longer. Are you are in the market for your first home? Are you trying to decide between a move or a renovation? Check out the full article to get versed in this trend.

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Denver Real Estate Market Snapshot - September 2018

Are signs pointing to a cooling market?

 

Denver Real Estate Market Snapshot - September 2018

All “statistical” signs are pointing to a slowing housing market, with one exception. From the snapshot above one things sticks out pretty clearly: median prices are up. Lets dive into things and see what’s driving our real estate market.

INTEREST RATES

If you’ve been following the Federal Reserve or listening to the news it shouldn’t be a big surprise to hear that rates are creeping up. Since July they increased by .13% (and .82% since Sept of 2017). If you are timing rates, now is the time to lock. If you wait, it will most likely cost you!

 

Now for a little more context… we’ve been really spoiled over the last five years with sub 4.5% rates! Just like when you are at an epic party — it has to end sometime, right?!

Ok, now we have it dialed way back to 1972. We are still in historically low territory compared to the last four decades. Just ask anyone that bought a home in the early 1980’s what they think of today’s rates. #perspective
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Housing Market Slows, as Rising Prices Outpace Wages

Housing Market Slows, as Rising Prices Outpace Wages

Source: Ben Casselman of the New York Times

Denver residents are familiar with soaring housing prices and construction visible in almost every corner of our city. While the economy is in great shape, analysts believe the housing market is experiencing a plateau because the prices are finally at a level higher than most middle class buyers are willing to pay. Housing prices are up roughly 8% over the past year, showing growth at a declining pace. With average hourly wages up 6% over the past year, this trend makes sense. Economics writer Ben Casselman delivers further insight and figures in the full article.

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