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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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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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 was more good news for the Denver housing market last week. According to the recently-released S&P/Case-Shiller Home Prices Indices, for the six month in a row, Denver home prices increased year-to-year.

The closely-analyzed report indicated a 4.4 percent increase from April 2009 to April 2010. This is the tenth best showing in the country. Denver home prices rose 1.7 percent from March to April, which was the seventh highest monthly increase of the 20 cities in the report. The average price increase of all cities surveyed was 3.8 percent. San Francisco saw the biggest year-to-year increase in April (18 percent), along with San Diego (11.7 percent) and Minneapolis (9.5 percent).

Slow and steady has always won the race for the Denver housing market. It never saw the huge gains in housing prices that many other cities had, and didn’t suffer the huge falls that followed. 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 was more good news for the Denver housing market this week!

Denver home prices continued to stack up well against other major cities in the recently-released S&P/Case-Shiller Home Prices Indices. The report indicated a 3.6 percent increase from February 2009 to February 2010. This sharp percentage increase – for the fourth consecutive month - was enough for Denver to have the 5th highest year-to-year price increase in the index of 20 major cities. Cities boasting a higher percentage price increase than Denver included San Francisco (11.9%), San Diego (7.6%), Los Angeles (5.3%), and Washington, D.C. (5%).

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

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There is more good news for the Denver real estate market! Denver home prices stacked up well against other major cities in the recently-released S&P/Case-Shiller Home Prices Indices. The report indicated a 2.6 percent increase from January 2009 to January 2010. This sharp percentage increase was enough for Denver to have the 6th highest year-to-year price increase in the index of 20 major cities. It was also the best annual price increase since the fall of 2006, the start of the housing meltdown.

We see this as yet another good sign that the Denver housing market has stabilized and it already on the rebound. Do not miss your opportunity to purchase a home in the Denver buyer’s market, and to take advantage of the tax credits. For information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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Which Price Point is Selling in the Denver-area?

According to a recent article in the Denver Business Journal, Denver County had more sales (7,482 closed sales) of single-family homes in 2009 than any other Denver-area county. What sold in Denver County last year? Over one-third of Denver County’s sold homes were considered “affordable homes,” priced in the $100,000-$200,000 price range, while 21 percent of the sold homes were “move-up homes,” priced in the $200,000-$300,000 range.

This trend was also evident in two other Denver-area counties – 37 percent of sold Arapahoe County homes were in the “affordable” $100,000-$200,000 range, while close to half of sold Adams County homes fell into this range.

The $200,000-$300,000 price range, considered to be a “move-up” price, was the most popular range in Jefferson County, Douglas County and Broomfield County. The most homes sold in Boulder last year fell into the $300,000-$500,000 range, although the area has considerably higher prices than other Denver-area communities.

The popularity of the lower price point is likely due to the first-time homebuyer credit that provides up to $8,000 to first-time buyers, and it was recently expanded to move-up buyers. This trend is in line with what we have been seeing with our new clients and inquiries. If you are a first-time homebuyer, or move-up buyer in the Denver real estate market, do not miss this opportunity. For information on Denver homes, please contact TeamCox Realtors at 303-400-6060.

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There is good news for the Denver real estate market. The closely-watched S&P/Case-Shiller Home Prices Index was released last week, and for the first time since November 2006, home prices in the Denver area posted a year-over-year increase.

Denver was only one out of four cities that had a year-over-year increase in home prices, rising .5 percent between November 2008 and November 2009. This was the first increase after 36 straight months of declines.

This encouraging news, combined with the unprecedented homebuyer tax credits being offered by the government right now, makes right now an ideal time to purchase a Denver home.

For more information on Denver home prices, please contact TeamCox Realtors at 303-400-6060.

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TeamCox Realtors would like to take this opportunity to wish you a Happy 2010! After the usual holiday greetings we have exchanged with our friends over the past few months, the next most common questions are , “how is the housing market?” or “are things getting better?” or “will our house sell if we put it on the market this year?”

It is important to keep in mind that real estate is cyclical and Denver home prices are already on the rebound. The newly expanded tax credit, combined with the lowest interest rates in years, makes for a promising market in the spring of 2010. We believe that this year is as good ever to move up or to purchase a home that better fits your current needs.

Things are looking up for several reasons:

Homebuyer Tax Credit Extended and Expanded
You’ve been hearing about the first-time homebuyers’ tax credit for months now, and may have even overlooked it if you already own a home. It is your turn to cash in on a tax credit! Here is what you need to know:
The Worker, Homeownership and Business Assistance Act of 2009, signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. The new law also authorizes the credit for long-time homeowners buying a replacement principal residence, and raises the income limitations for homeowners claiming the credit.

Denver Home Prices are Inching Up
The highly respected highly respected S&P/Case-Shiller Home Prices Index for the third quarter 2009 was recently released, revealing that the Denver real estate market was the best year-over-year performer of the 20 cities surveyed.

If your home is too small, you are an empty-nester, or you simply want to upgrade, now is the time to act. Historically low interest rates and the newly expanded tax credit can work in your favor, as either seller or a buyer. We believe that there is pent-up buyer and seller demand out there, resulting from the past couple of years’ sluggish market conditions.

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

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Denver Real Estate Market Outperforms Rest of the Country

The closely watched S&P/Case-Shiller Home Prices Index was released today, revealing that the Denver real estate market was the best year-over-year performer of the cities surveyed. Denver home prices only declined 0.1% from between October 2008 and October 2009. This marks approximately nine months of improved readings in these statistics, beginning in early 2009.  Sales of existing homes, which are included in the S&P/Case-Shiller Home Price Indices, have been very strong in recent months, helped by shrinking inventories.

For more information on Denver home prices, or regarding the general Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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