Real Estate News

Keeping you in the know.

May 2021 real estate news recap

Looking for a quick digest of what happened in real estate this last month? We’ve got you covered:

National News

+ Even with a housing shortage fueling high demand, builders are reluctant to sign sales contracts for houses as increasing costs are eroding profits.

+ Could home prices could reach unhealthy levels? Logan Mohtashami of Housing Wire believes that without more inventory or higher mortgage rates, we may be heading in this direction.

+ Love cooking on a gas stove or having an alternate source of energy when the power goes out? Stay in the loop about the battle that’s brewing over banning natural gas to homes.

Local News

+ The Denver housing market continues to keep buyers on their toes as 74% of listings go under contract within a week versus 47% nationally.

+ As investors account for one in seven home purchases in Denver, high prices are turning potential buyers into renters.

+ While Denver’s home appreciation rate remains on par with rest of country, the metro area’s price per square foot is nearly 30% more expensive ($242 in Denver compared to $187 nationally).

Financial News

+ Mortgage rates drop below three percent again, offering many homebuyers another chance to refinance to increase their monthly cash flow.

+ As consumer prices rose the sharpest since September 2008, Realtor.com breaks down what this eye-popping inflation means for mortgage rates.

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

April 2021 real estate news recap

Looking for a quick digest of what happened in real estate this last month? We’ve got you covered:

National News

+ Many older millennials are burdened by housing costs, and it could keep them from reaching other financial goals.

+ What are the secret economic forces fueling the housing shortage? Inman’s Jim Dalyrymple II says increasingly expensive building supplies (think lumber, steel, and even paint) are driving up the cost of housing. Meanwhile, institutional investors are gobbling up to 20-30% of homes for sale, which is affecting inventory.

+ As ADUs or “granny flats” continue to grow in popularity, here are 4 hidden costs of accessory dwelling units that you should plan for.

+ Looking to sell soon? Find out the one thing you should never do to your yard before selling your house. Bonus: it’ll save you some cash!

Local News

+ Lack of crime, quality of public schools, cost of living, job opportunities, and local amenities placed 11 Denver neighborhoods among the top 25 places to live in Colorado, according to Niche.

+ Neighbors in Governors’ Park are banding together to encourage responsible growth as buildings considered landmarks are being torn down to make way for high-rise apartments.

The premium over list price is at an all-time high (think 104.1%) as more metro Denver buyers will pay whatever it takes to get under contract.

The 20 hottest real estate markets in the Denver metro area saw median home prices increase anywhere from 20% to a whopping 79% in 2020.

Financial News

+ With median gains in home values between 6% and 11% among metro counties, Front Range homeowners can expect to see an increase in their tax bills.

Mortgage rates remain under 3%, but could become more volatile in the months to come.

Biden’s proposed tax hikes could be a ‘double-edged sword’ for real estate — what homeowners and investors need to know that could reduce returns on certain property sales.

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

Rates and prices are rising, but homes can still be found (for those prepared to battle)

Looking for a quick digest of what’s happening in real estate right now? We’ve got you covered:

National News

+ Critics slam the Fed as home prices rise 11.2% in January over the previous year — the largest annual gain in nearly 15 years.

+ “The housing market continues to face both tailwinds and headwinds,” says Nancy Vanden Houten, lead economist at Oxford Economics. “Pent-up demand and a strong economic rebound should support sales as we head into the heart of the spring home selling season. However, tight inventories and home prices at multi-year highs will make homebuying difficult for some households.”

+ Most homes aren’t ready for “aging in place,” but Liz Weston of Nerdwallet offers steps you can take now to make your home better for retirement.

Local News

+ A study finds that people didn’t abandon urban neighborhoods during the pandemic. Denver was among the most expensive large metro areas that saw a big decrease in urban in-migration and a small increase in urban out-migration during the pandemic.

+ Only 21% of Denver renters can afford a typical monthly mortgage payment ($2,376/month), compared to 27.4% nationwide, according to Zillow.

+ Denver homebuyers continue to have to move quickly and prepare for a bidding war as the housing market remains ultra-competitive.

Financial News

+ Mortgage rates remain historically low at 3.18% as of April 1st. However, the upward trend in rates may be a reason that homebuyer demand has dropped from 25% above pre-COVID levels at the start of 2021, to 8% above pre-COVID levels today.

+ The increase in mortgage rates from the beginning of the year is adding an average of $93 per month to homebuyers’ mortgage payments — roughly $1,100 per year.

Historically low inventory pushes Denver real estate to new levels

Looking for a quick digest of what’s happening in real estate right now? We’ve got you covered:

National News

+ While inventory has remained low, 5.64 million homes sold in 2020, the most in the last 13 years.

+ New-home construction activity soars to its highest level in over a decade, as single-family homes drove the growth in both housing starts and building permits.

+ The America at Home Study found that COVID-19 has shifted the motivation to buy a home as well as the trade-offs renters are willing to make to buy a home.

Local News

+ Denver’s widespread broadband access, wage growth, and booming tech industry placed us as the 11th best-performing large city according to Milken Institute. Rising housing costs could hamper our future performance.

+ As the Denver metro area becomes the most expensive outside of coastal areas, first-time homebuyers have a tough time landing their first place. With a 32% decline in available listings between the third and fourth quarters of 2020, the 2% decline in average list price isn’t helping enough.

+ The number of homes for sale in Denver is at 14.9% the average amount for the end of February. This historically low amount is causing listings to sell in a median of five days, compared to 15 days a year ago.

Financial News

+ A majority of mortgage experts predict that rates will continue to rise, although they are still near historic lows. As of February 25th, the 30-year fixed rate mortgage stood at 2.97%.

+ Did you take advantage of low interest rates and refinance your mortgage last year? Find out how it could affect your taxes as you go to file.

Will 2021 mark the end of Denver real estate’s run?

Looking for a quick digest of what’s happening in real estate right now? We’ve got you covered:

National News

+ Colorado placed in the top 10 states people moved to during 2020, as ranked by U-Haul’s report of 1-way moves.

+ Pros predict that some of the next renovation trends will include a move away from open-concept living, a focus on outdoor space, and a rise in ADUs.

+ Whether you’re buying, selling, or staying put, Dave Ramsey offers his take on how the housing market will shake out in 2021.

Local News

+ 56% of economists think the Denver housing market will outperform the national average this year, hoisting our city to one of the top five hottest markets for 2021.

+ Some local economists believe the Denver housing market is running out of gas. They said, “while new home sales should match the pace of 2020, existing-home sales this year will fall and price increases in the months ahead will be more subdued.”

+ Our opinion? 2021 is likely going to be a fast-paced, appreciating market on all fronts.

+ Denver is the third hottest market for millennial homebuyers, ranking behind only San Jose and Boston. A whopping 59% of all Denver-area homebuyers in 2020 were from Gen Y.

Financial News

+ Freddie Mac forecasts moderate house price growth of 0.7-1.3% in 2021-2022 with mortgage rates expected to average around 2.9% until year-end.

+ The difference between second homes and investment properties is important when it comes to financing. Sarah Kuta of Realtor.com explains why it matters and how to keep yourself aboveboard.

The real estate market in 2021

Happy New Year! Looking for a quick digest of what’s happening in real estate right now? We’ve got you covered:

National News

+ 27 experts give their take on what the housing market will be like in 2021. Hint… most think prices will continue to climb.

+ Across the country, Generation Z will spending roughly $226,000 on rent before they can own a home, more than any previous generation. In Denver, this number balloons to $320,300. Time to capitalize on low interest rates, if you can!

+ The Case-Shiller U.S. National Home Price Index is showing that home prices have risen 8.4% in the last year, nationwide.

Local News

+ Renofi is projecting that the average price of a home in Colorado will reach $763,309 by 2030, making us the 4th most expensive state after California, Hawaii, and Washington.

+ Denver ranks 8th in cities with the highest inflow of new residents during the pandemic.

+ Local restaurant owner Josh Wolkon shares how you can help save local restaurants.

Financial News

+ Mortgage rates continue to remain near record lows at 2.67%, down from 3.72% a year ago.

+ Not looking to move, but wondering if it’s worthwhile to refinance? Check out Nerd Wallet’s refinance calculator to find how much you can save each month.

+ Forbearances rose for the third consecutive week, as roughly 2.83 million homeowners are currently suspending mortgage payments. Fannie and Freddie announced that multifamily property owners with existing forbearance agreements can extend their agreements for up to three months.

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.

Home prices see greatest gain in over 6 years as mortgage rates hit 50-year low

Looking for a quick digest of what’s happening in real estate right now? We’ve got you covered:

National News

+ Home prices across the U.S. are seeing the greatest gain in over six years.

+ A report from the National Association of Realtors found that the pandemic has increased the percent of homebuyers looking for a multi-generational home, that the average purchase price jumped from $270,000 to $339,400, and that a growing percentage of buyers are headed to the suburbs, while less are heading to small towns.

+ Curbed came up with a list of 21 of the easiest home projects to tackle while you’re hunkered down at home this winter, without buying anything new.

+ With the continued presence of COVID-19, outdoor kitchens are growing in popularity.

Local News

+ 30% of Denver homes sold for more than list price (more than 22% nationally), adding nearly $16K to the sale price on average.

+ Josh Gould, VP of Stantec believes there are 5 reasons Denver will be a post-pandemic winner.

+ A new Stay In Place Program has been created to help West Denver homeowners that are struggling to pay their mortgages.

+ Pitbulls are getting a new lease on life in Denver, after voters passed Ballot Measure 2J to repeal the more than 30-year-old breed specific ban.

+ Rental platforms are facing fines as Denver cracks down on unlicensed short-term rentals.

Financial News

+ 30-year mortgage rates have fallen to 2.72%, the lowest rate in the last 50 years. Average rates have been below 3% for 17 consecutive weeks.

 

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.

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.

 

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.

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!

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