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November 2021 Denver Real Estate News Recap

+ Investors accounted for 17% of Denver home sales in the third quarter, up from 9% in the same quarter of 2020. The added competition is making it even more challenging for first-time buyers in the metro area.

+ The Within Reach Giving Campaign is aiming to help 50 metro families with emergency housing needs by raising money for the Housing Stability Fund. The campaign runs through December 31st. Donations can be made on MDHI’s website.

+ Home prices in Colorado rose a staggering 25% in the third quarter of 2021, compared to the same quarter in 2020.

 

Denver’s Real Estate Market Remains Hot Despite Cooling Temps

The Denver real estate market is holding strong. Detached homes are selling at a median price over $600K again and inventory dropped to 0.97 months. These numbers aren’t earth-shattering news, but rather the norm here in Denver. As inventory drops, we’re seeing an uptick in competitive offer situations, resembling the market last spring. If mortgage rates continue to increase (as predicted by the finance experts) you can also expect to see buyers’ urgency to increase in fear of missing out on these historically low rates!

Want more detailed information about the market in your neighborhood? Please reach out!

Real Estate Finance News Recap: October 2021

Here’s a quick digest of what happened in real estate finance last month:

+ 30-year mortgage rates ended the month at 3.14%. While rates are rising, purchase demand is remaining steady.

+ Inflation reached a 13-year high of 5.4% annually. This has led the Fed’s announcement to raise interest rates and taper the purchase of Treasurys and mortgage-backed securities.

+ The Mortgage Bankers Association has forecasted 30-year mortgage rates to hit 4.0% by the end of 2022.

 


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Denver Real Estate News Recap: October 2021

Here’s a quick digest of what happened in Denver real estate last month:

+ Denver ranks as the 12th least affordable city as the typical home now costs five times the average family income. The rule of thumb for affordability is a price-to-income ratio of 2.6.

+ Ballot measures 2B, 2F, 301, 302, and 303 pertained to real estate or housing in Denver’s election this year. Statewide, Prop 120 sought to reduce the property tax assessment rate for multi-family homes. Results can be found on Denvergov.org and ballotpedia.org, respectively.

+ Vacancy rates for Denver apartments stood at 3.8% in the third quarter. Aurora, Broomfield, Golden, and Longmont have even tighter markets. When vacancy rates dip below 4%, dramatic increases in rents tend to follow.

 


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U.S. Real Estate News Recap: October 2021

Here’s a quick digest of what happened in U.S. real estate last month:

+ Nationwide this year, the typical home buyer submitted two offers before one was accepted — double the amount from 2020.

+ Zillow began offloading 7,000 of their iBuyer homes in October and have just announced that they are shutting down Zillow Offers and laying off 25% of their workforce. Zillow CEO Rich Barton stated, “We’ve determined the unpredictability in forecasting home prices far exceeds what we anticipated and continuing to scale Zillow Offers would result in too much earnings and balance-sheet volatility.”

+ More home sellers are cutting their list price. Four experts weigh in on what they think will happen to home prices through the end of the year.

 


 

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9.6% more homes for sale in Denver this September!

Fewer homes for sale and a decrease in buyer activity is what we normally see going into fall. This year, we only have one of the two. While buyer demand dropped 9.6% as expected from August to September, there was an 11.9% increase in inventory that has been long overdue. We haven’t seen this many homes for sale since January of this year! If inventory continues to trend upward, you can expect to see more homes making it through the first week before going under contract — a very welcome relief for buyers.

Want more detailed information about the market in your neighborhood? Please reach out!

Denver Real Estate News Recap: September 2021

Here’s a quick digest of what happened in Denver real estate last month:

+ Denver area home sales fell in September, while inventory rises at a record amount, and median single-family home prices remain steady from August at $575K. Some Denver realtors say there is no housing bubble on the horizon.

+ Own a rental property or currently rent? Colorado SB21-173 offers new protections to renters starting on October 1st.

+ A growing number of adults ages 65 and older can’t afford to live in Colorado, the No. 1 state for housing instability amongst seniors.

 


 

Have questions about what’s happening in real estate in your neighborhood? Let’s chat!

Interested in the Denver real estate market? Subscribe to our weekly emails to get more information like this.

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U.S. Real Estate News Recap: September 2021

Here’s a quick digest of what happened in U.S. real estate last month:

+ Single-family homes in the U.S. are less affordable than they’ve been at any point in the last 13 years.

+ Nationally, less homes (46.1%) are selling for more than their initial list price compared to earlier this summer (50.4% at the peak in June).

+ Indicators are showing early signs that the national housing market is beginning to balance. Despite these signs, the market is still historically strong.

 


 

Have questions about what’s happening in real estate in your neighborhood? Let’s chat!

Interested in the Denver real estate market? Subscribe to our weekly emails to get more information like this.

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