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Denver Millennials may have finally pivoted from renting to buying

Source: Aldo Svaldi at The Denver Post

Denver Millennials may have finally pivoted from renting to buying

Millennials catch a lot of flak these days for not buying homes. But median home prices in Denver prevent a lot of first-time buyers from entering the market. Millennials are aging into homeownership as the labor market is booming and wages are growing, which is starting to drive demand. If only housing inventory could rise to make life easier for Millennials looking to buy.

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Homes Statewide in Short Supply Heading into Peak Selling Season

Source: Aldo Svaldi at The Denver Post

Homes statewide in short supply heading into peak selling season

“Slim pickings” now refers to more than just Denver real estate — there is a short housing supply for all of Colorado (even Pueblo!). Housing inventory is down 32% from this time last year, with only 20,100 active real estate listings in the entire state. As expected, buyers are quickly snatching up these homes and they are flying off the market.

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99 percent of Denver homes regain or surpass pre-recession value, Trulia analysis says.

Source: Aldo Svaldi at The Denver Post

99% of Denver Homes Regain Pre-Recession Value

Remember the recession? Your home most likely doesn’t! Almost 99% of homes in Denver metro have exceeded prices from their pre-recession peak. Out of 100 housing markets that Trulia researched, Denver metro is among the best in recovering from what happened a decade ago. This is great but Denver still has some catching up to do in the income department. Incomes are only up 20% since the recession and buyers are having a harder time affording a house.

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Worried about higher property taxes? 6 things you need to know about protests and alternatives.

Source: Aldo Svaldi at The Denver Post

6 Tips for Protesting Higher Property Taxes

If you disagree with the value of your property, the deadline to protest is June 1st. On the fence if you should protest? Find a friendly real estate broker (we know a couple!) to compare your house to recent neighborhood sales. If the value of your house comes out lower, then it may be worth it to protest. When working on your protest, focus on the condition of your property or compare the specs to county records. Finally, file at your assessor’s office in person, by mail, or online (if available).

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Construction Defects Measure in Colorado Passes Critical Vote

Source: John Aguilar at The Denver Post
Kathryn Scott, Denver Post
Colorado legislature unanimously supported a bill that, for the most part, makes it harder for homeowner associations to sue condo developers. In short, the bill will require a majority vote among homeowners before the HOA can sue. Of course, issues like leaky windows or slumping foundations will always be worthy of seeking redress without the majority vote. 
Passing this bill (which is expected in May) could be a game-changer for the housing industry. The cards are stacked against builders with the current builder defect law. This reform will give builders some assurance that they won’t end up in the depths of expensive litigation if they develop condos. This is important to know because if builders are given a little bit more protection, then they’ll develop more condos. More condos being built means more options for buyers, which could help stabilize condo prices in the city.
As with anything political, there is no single bill that will solve every problem. But, this could be a good move forward. They said it best in the article: “it should raise the cloud and allow the sun to shine down and thaw what has been a frozen market.”

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Denver Rent Increases Wipe Out Last Fall’s Decrease

Source: Aldo Svaldi at The Denver Post

Denver Rental Market Price Increases

Metro Denver apartment rents rose for the third straight month in March, erasing all the declines that went in favor of tenants last fall, according to a report Tuesday from Axiometrics, a Dallas firm that tracks multi-family housing trends.

Metro Denver’s average effective apartment rent stood at $1,411 in March, up $22 from February and $51 higher than the recent low of $1,360 measured in December, according to Axiometrics.

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