Real estate news: the pandemic is shaping real estate, but the Denver market keeps speeding along
Looking for a quick digest of what’s happening in real estate right now? We’ve got you covered:
National News
+ COVID-19 hasn’t kept people from moving this year: permanent moves are up 1.94% and temporary moves are up 26.73% since 2019.
+ Families with school-aged kids are increasingly heading to the ‘burbs for larger homes and yards amidst the pandemic.
+ COVID has fundamentally transformed our relationship to home. Seven months in, find out how the pandemic is reshaping interior design priorities and trends.
+ Nationally, new homes are bigger than a decade ago, but new homes in Denver lost 197 square feet in that same period.
Local News
+ Four Colorado cities are in the top five best places to live in the country according to U.S. News & World Report’s list of 150 best places to live in the U.S. in 2020-21.
+ Homes are selling nearly twice as fast compared to 2019. If you’re looking to buy now, be ready to act quickly!
+ Apartment rents in the Denver Metro area recovered in the third quarter after taking a hit in the early months of the pandemic.
+ Denver Restaurant Week is offering a surprise fall edition from November 13-22. Check out their lineup of dine-in and to-go options to help support one of the 150+ local restaurants participating.
+ Niche.com ranked the 25 best Denver neighborhoods for young professionals in 2020. They ranked the best neighborhoods for families, too.
+ Join us in supporting those affected by wildfires in Colorado by giving to these fundraisers.
Financial News
+ Mortgage rates are holding steady at historic lows. Housing continues to propel growth and is helping to lift construction, manufacturing, and transportation industries that build new homes.
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Colorado Wildfire Relief
Monetary Donations
+ Denver7 Gives is a fund that passes 100% of contributions to the Denver area community. Select “Help Colorado Wildfire Victims” from the dropdown.
+ Donate to the 2020 Fires Relief Fund through the Community Foundation Boulder County to support individuals, families, and nonprofit organizations affected by the Cal-Wood and Lefthand Canyon Fires.
+ Give to the Grand County Wildfire Emergency Fund. 100% of donations go to support the needs of Grand County residents who have been evacuated, displaced, or have lost their homes during the Grand County Wildfires.
+ Donate to the Larimer County Fire Recovery Fund by United Way to help provide financial assistance to displaced families as they rebuild their lives in the wake of the Larimer County wildfires.
+ Donate directly to families and first responders affected by the East Troublesome Fire on GoFundMe.
Material Donations
+ Grand County Outbreak of Kindness is connecting volunteers and services with those who need them. Please check their Facebook page to see what items are needed and where they can be delivered.
+ Help pets in need by donating to Grand County Pet Pals. They can be reached at 970-887-2988 to find what their specific needs are at any given time. Financial donations can be made on their website.
Fundraisers
+ Buy a t-shirt from Wild Fire Tees, created by Colorado-based designers and marketers. 100% of the profits benefit wildfire victims.
+ Buy a t-shirt from Bonfire to support Colorado wildland firefighters and wildfire relief.
Real estate news: low mortgage rates can’t compete with housing price increases
Looking for a quick digest of what’s happening in real estate right now? We’ve got you covered:
National News
+ The national median home price rose 11% since last year — the largest annual increase in over 6 years.
+ COVID-19 has caused lumber prices to skyrocket more than 160%. Home buyers can expect to add about $16,000 to the price of a new house.
+ The share of mortgages in forbearance decreases to 3.4 million homeowners — a drop of 6 basis points.
+ With 84% of parents considering a home education model for their kids, back to school is affecting home buying decisions.
+ Think an empty nest is looming? Think again. 52% of young Americans ages 18 to 29 are now living with at least one of their parents.
+ When COVID-19 changes education plans, here’s how to set up a homeschool space anywhere.
Local News
+ Increases in home prices around Denver are wiping out savings from lower mortgage rates. Expect bigger monthly payments on single-family homes compared to a year ago.
+ Home prices in around Denver have increased 7% since January (6% for condos) — and they’re selling 10 days faster compared to this time last year.
+ RiNo is getting a new look and feel to help tame traffic.
Financial News
+ Violating the 30/30/3 rule may find some homebuyers overextended, unless they consider a few ways to get around it.
+ The average 30-year mortgage rate hit an all-time low of 2.86 percent in September, according to data released by Freddie Mac.
Have questions about what’s happening in real estate in your neighborhood? Let’s chat!
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Real Estate News: August 2020
Looking for a quick digest of what’s happening in real estate right now? We’ve got you covered:
National News
+ Think it’s cheaper in the ‘burbs? New interest from city dwellers is raising home prices in rural areas.
+ Looking for additional income or a place for family to stay long-term? COVID sparks renewed interest in ADUs.
+ Real estate markets defy the norms as homes are selling unseasonably fast.
+ Airbnb CEO Brian Chesky thinks international travel will never be the same. How have domestic vacation rentals fared?
+ Covid is reshaping what buyers prioritize in their home search. Here are 6 things buyers are now looking for in their next place.
Local News
+ Love hitting the trails? These are the 10 best neighborhoods for hiking enthusiasts.
+ Homes are selling in half the time for 15% more than they were at this time last year.
+ Denver is continuing to decline in housing affordability, but it could be worse.
+ How creating a safer, people-oriented space has helped Larimer Square get back on its feet.
Financial News
+ Mortgage rates are beginning to inch up as housing demand continues to accelerate.
+ Outcry from industry groups and lawmakers push Fannie and Freddie to delay the mortgage refinance surcharge until December 1st.
Have questions about what’s happening in real estate in your neighborhood? Let’s chat!
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Colorado’s population growth is slowing, and that could spell economic trouble down the road
Source: Aldo Svaldi of the Denver Post
While Colorado leads the country in some areas (like housing prices), the birth rate isn’t one of them. While the national birth rate is hovering around 1.8 births per woman, Colorado women are falling behind at 1.7. Why does this matter? To keep the population stable (and prevent things like labor shortages in the future), the birth rate needs to be closer to 2.1 births per woman. Colorado ladies, if you’re on the fence about adding another little one to your brood, here’s a reason for the “just do it” column.
Denver Real Estate Market is Warming to Buyers
Although the market remains in the favor of sellers, it’s not all bad news for buyers. Lower interest rates and a higher number of listings mean it’s a good time for buyers to talk to their lender and start their hunt! Good news for sellers comes in the form of the highest median price for a detached single family home, ever!
Days on the Market
In June 2018, homes in Denver lasted an average of just 18 days on the market. Buyers who aren’t quite ready to make a decision have a slight advantage over last year, with an average of 24 days before a home is sold in June 2019. However, the summer is certainly heating up as this is the shortest time on the market we’ve seen homes sitting in 2019 thus far.
And while the market is speeding up this summer, on a year-over-year basis, it’s starting to slow since it’s fastest pace in 2015.
Inventory
Denver remains a seller’s market for the seventh year in a row, with an average just shy of 2 months housing inventory as we head into July. The news isn’t all bad for buyers, though – the city was up to 2,451 active listings in June. The last time buyers had this many options was back in October of 2013!
Denver Home Sales are Up, as Housing Inventory Grows
Last month we watched housing prices jump above $500k, just as they did for the first time in April 2018. Yet, even though prices are still sky-high, we’re living in a market that is stronger than last year and also friendlier to both buyers and sellers. How so?
Buyers are benefitting from lower interest rates (down .5 percentage points from last May), more housing inventory (36% more homes for sale), and a smidge more time (roughly half a week more) to see properties before they’re snatched up.
Sellers are benefitting from — wait for it — prices staying high.
Excluding a national event that would radically change the housing market, the demand to live in Denver continues to keep housing prices high. The U.S. Census reported Denver among America’s top 10 cities in overall population growth between 2017-18, with an increase of 1.5%.
Denver one of nation’s hardest cities to add apartments
Source: We Are Apartments
Denver placed 9th out of 50 metro cities for hardest places to add apartments. Denver’s biggest barriers to growth are the lack of additional land to develop within the county and city regulations. Factor in expensive land and high construction costs and it’s no wonder that affordable housing is becoming more and more difficult to find. Read the full report or:
Denver Millennials may have finally pivoted from renting to buying
Source: Aldo Svaldi at The Denver Post
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.
Denver Real Estate Market Update – April 2017
- Properties were starting to stay on the market longer towards the beginning of the year as interest rates rose.
- Homes are starting to move faster again as rates have declined.
- The cool-down in prices toward the end of 2016 have all been erased.
- Prices for condos and single-family homes have all been on the rise since the beginning of the year.