Fallen Denver home prices and record-low mortgage rates have pushed housing affordability to a 40-year high. Meanwhile, Denver rental prices are continuing to rise at a fast pace, according to a new report by Hotpads.com, a rental listing service.

Rental prices in 20 of the largest metro areas increased 3.75 percent in 2011, and prices are expected to continue to rise in 2012. Meanwhile, home prices fell by 1.83 percent in 2011, according to the report. Denver home prices are widely viewed to have bottomed out and are expected, by most economists, to rise commencing in the spring of 2012.

“In a lot of cases it’s getting to a point where it makes more sense for people to buy because rent has been going up significantly faster, while home prices have been falling,” Paul Gleger, author of the report, told AOL Real Estate. If you are currently renting, this may be the best year ever to invest in your first home in the metro Denver area.

For information on Denver real estate, please contact TeamCox Realtors at 303-400-6060.

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We are constantly being asked “where are the most expensive homes in Denver?”  The Business Journal (an online affiliate of the Denver Business Journal) recently posted an interesting analysis regarding the most expensive homes in Colorado. The report analyzed the median home value in communities across the country through 2009 data from the U.S. Census Bureau’s American Community Survey.

Three Colorado communities, including one metro Denver community, have median home values over the $1 million mark – Cherry Hills Village, Snowmass Village and Telluride. Communities were not ranked further, only put into categories.

There were two other Denver suburbs that made the list: Castle Pines Village (median home value of $901,000) and Greenwood Village (median home value of $713,000).

Another Business Journal report recently recognized Cherry Hills Village and Castle Pines Village as Colorado’s most affluent communities.

For information on home values across the Denver metro area, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.

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It’s time for metro Denver tax evaluations!

 If you are a commercial or residential property owner in the Denver metro area (Denver County, Douglas County, Arapahoe County, etc.), you have undoubtedly received your 2011 tax evaluation notice from the county assessor by now.

Your first reaction is to file an appeal to lower your property tax obligation, but wait! Regardless if agree with the county assessor or not, you should consider your long-term plans concerning your property ownership.

If you wish to sell your property during the next 18 months, it may NOT be wise to contest your appraised taxable value. Why? Prospective buyers will research the county appraisal district’s assessed value, so it might be better to pay higher taxes. This is all in hopes that a prospective buyer will see the county’s evaluation, which could yield a higher sales price for you.

If you are in a long-term hold position and not planning on liquidating your holdings, it may be in your best interest to protest your tax bill. For expert local advice, consider hiring a professional property tax consultant to represent you.

For questions on your property value, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.

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TeamCox Realtors always keeps a close eye on the monthly S&P/Case-Shiller Home Prices Indices report, which was released yesterday.  There was some good news and bad news in this month’s report. The good news? Denver was ranked 6th out of the 20 market surveyed. The bad news is that according to Case-Shiller, Denver home prices declined 2.5 percent decline from November 2009 to November 2010, which was higher than the 1.6 percent average for all metro areas. Nine real estate markets, excluding Denver, fell to their lowest since the real estate peak in 2006, and many experts are forecasting a “double dip” in the national real estate market.

However, Metrolist data presents a conflicting picture to the Case-Shiller data. According to Metrolist data, Denver home prices increased across all price ranges in 2010.  According to the Denver Business Journal, nine of the 10 neighborhoods with the highest average sold prices last year — led by Boulder County areas — showed increases from 2009 prices.”

All of this is good news for the Denver real estate market, as it continues to outperform the national one.  TeamCox Realtors does not foresee a double dip in the Denver housing market.  We feel strongly that Denver home prices have stabilized and are even rebounding in many areas.

If you are a prospective Denver homebuyer, there is no better time than the present to purchase a home. There is a great selection of homes to choose from, and interest rates are still near historical lows, but are expected to rise in the future. This perfect scenario will not last forever, so don’t miss the opportunity to purchase your dream home in Denver. 

For information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

Denver Real Estate Update – January 2011

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It’s hard to believe that the year is practically over. Where has 2010 gone? We are all starting to wonder what is in store for the Denver real estate market in 2011. Here are some of our advice and predictions:

Jobs: Housing demand could rise if the labor market picks up faster than expected. In this scenario, prices would firm up earlier in the year.

What to Look For:  Three straight months of rising sales, along with a decreasing inventory of homes on the market (a six-month supply is considered healthy). It is currently at 11 months.

What to Do:  It really is impossible to totally time the market. Even if prices fall a bit more, mortgage rates could rise later in the year, offsetting the drop.

Already a Homeowner?  Refinance–even if you just refinanced a few years ago, since refinancing again may save you thousands.
If you can shave at least one point off your rate and you plan to stay in your home for at least four years, refinancing makes sense. On a two-year-old $300,000 loan at 6.5%, refinancing will save you $465 a month and $120,000 in interest. Or, go with a 15-year loan, which averages 3.7%. Your payment will jump $225, but you’ll own your home 13 years earlier and save $253,000 in interest.

If you would like to find out your best options in the Denver metro area, please contact TeamCox Realtors  at 303-400-6060. We can help guide you through the complexities of analyzing what is in the best interest for you and your family.

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Unless something totally cataclysmic occurs, Denver’s housing prices have bottomed out.  While it  is nearly impossible to perfectly time the housing market,  if prices have bottomed and interest rates are at historic lows, there is no better time to buy a home than the present. 

Markets with the highest share of discounted listings (of 26 markets surveyed):

1. Jacksonville, Fla. (55.8 percent)

2. Phoenix, Ariz. (55.4 percent)

3. Minneapolis-St. Paul, Minn. (53.2 percent)

4. Orlando, Fla. (52.8 percent)

5. Chicago, Ill. (52.1 percent)

6. Tucson, Ariz. (51.7 percent)

7. Baltimore, Md. (51.3 percent)

Markets with the lowest share of discounted listings (of 26 markets surveyed):

1. Denver, Colo. (34.4 percent)

2. Los Angeles (39.1 percent)

3. Richmond, Va. (42.9 percent)

4. Miami-Ft. Lauderdale-Palm Beach, Fla. (43.3 percent)

5. San Francisco (45.2 percent)

6. Charlotte, N.C. (46 percent)

7. Raleigh-Durham, N.C. (46 percent)

Source: ZipRealty

For information on the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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As the summer winds down, there is good news and bad news for the Denver real estate market.

Let’s get the bad news out of the way first. The Denver housing market continues to feel the hangover effect from the homebuyer tax credit that expired at the end of April. The number of homes sold (3,259) in Denver last month dropped 26.6 percent from July 2009. It seems that the buying frenzy leading up to the tax credit expiration is going to take awhile for the market to absorb.

What is the good news for the Denver real estate market? The Denver median home price increased 4.4 percent last month to $240,000. The other piece of good news is that new foreclosure filings in Colorado, 4,890 or one out of every 432 homes, decreased 9.3 percent last month from July 2009. This landed Colorado in the 13th spot nationally for number of foreclosures, which is better than the 10th spot the previous month.Foreclosure filings are down 8.6 percent in the Denver area.

Although there has been a lull in home sales this summer, there is still much to be grateful for, especially that interest rates are at historical lows and that there is a great selection of homes to choose from. Prospective Denver homebuyers do not want to miss out on this once-in-a-lifetime opportunity. 

Avoid Foreclosure in Denver

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TeamCox Realtors always keeps a close eye on the monthly S&P/Case-Shiller Home Prices Indices report, which was released today. There was good news for the Denver real estate market with Denver home prices rising once again from last year. This is the seventh month in a row that Denver home prices have shown a year-over-year increase.

The closely-analyzed report indicated a 3.6 percent increase from May 2009 to May 2010, and a .6 percent increase from April of May to this year. The year-over-year increase was the thirteenth best showing in the country.

If you are a prospective Denver homebuyer, there is no better time than the present to purchase a home. There is a great selection of homes to choose from, and interest rates are hovering at historical lows. This perfect scenario will not last forever, so don’t miss the opportunity to purchase your dream home in Denver.  For information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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Denver Named Most Improved Housing Market

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There is good news for the high-end Denver real estate market, a segment among the hardest during the downturn. The Denver Business Journal reported this week that June sales activity for Denver resales priced over $1 million hit its highest level since 2008. In June, there were 77 homes sold that were priced over $1 million, a 3 percent increase from last year, and a 22 percent increase from last month.

This is great news for the health of the overall Denver housing market, since high-end homes have not moved quickly over the past years. This has been a great frustration to Denver sellers who are trying to downsize into smaller homes. It is a great relief that luxury homes are finally starting to sell in a shorter amount of time.

Denver Business Journal’s article cites that Denver had the most high-end sales, along with Boulder, Castle Rock, Cherry Hills Village, and Greenwood Village.

We hope to hear more encouraging news like this over the coming months, as historically low interest rates will increase Denver buyers’ buying power, often pushing them into a higher price point. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

Is Now the Time to Invest in a Denver Home?

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Is it time to move up or move on?  We never dreamed that interest rates would reach 4.50% for qualified buyers with secure jobs and a good down payment. This is an historic opportunity for families to take advantage of a combination of low housing prices and low interest rates. In a few years, buyers who have had the foresight to take advantage of these current market conditions, will reflect their  “brilliant” decision back in 2010 to invest in a Denver home!

TeamCox Realtors is happy to report that our sales activity this summer is outpacing that of the past two summers. We cannot say that the economy has improved, but Denver has never marched to the same ol’ tune as the rest of the country!  In fact, our Denver housing market is so good that Denver was recently named the “most improved housing market” in the country by Businessweek. The report cited a 5.8 percent increase in Denver home prices from the first quarter 2009 to the first quarter 2010, and projects a 5 percent increase in Denver home prices over the next year. It also mentioned, and it is our observation as well, that distressed sales in the Denver area have decreased.

Although sales in the Denver real estate market remain uneven, we feel prices in most areas have stabilized, and are actually appreciating in some neighborhoods. This summer, our repeat buyers represent about 50% of our transactions. Three months ago, repeat buyers accounted for only 34% of home purchases. In a more normal market, the ratio is two-thirds repeat buyers. Improvement is also seen in the average time needed to sell a home as reported by our MLS. In 2009 through May of 2009, the days on the market averaged 102. For the same time period this year, we are averaging 83 days on the market. This is a significant improvement, particularly for the homeowner who has to live with having a home on the market!   

Now, more than ever, it is essential that you work with a trusted real estate advisor. In those critical areas, not many agents can compete with TeamCox! For more information, please contact us at 303-400-6060.

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