We hope that you are enjoying the onset of spring despite the fact that the weather hasn’t been very “springish” lately. There are many interesting developments across the Denver real estate market this month.

Here are a few of the highlights:

• The number of Denver-area homes and condos put under contract (4,749) in April was much larger than in March (3,209). While this is great news, the April figure is still 28 percent lower than it was in April 2010, which was the peak of the buying frenzy spurred by the homebuyer tax credits.
• In April, there were 19,553 Denver-area homes listed for sale in the Denver area, which is the lowest number in any April since 2002.
• The number of Colorado foreclosures continues to fall. The Mortgage Bankers Association released a report last week, revealing that the percentage of mortgage loans in some form of foreclosure and new 30-day mortgage delinquencies in Colorado both fell in the first quarter.
• The Mortgage Banker Association also reported that are  fewer foreclosures for sale in the Denver area. The first-quarter foreclosure inventory rate of 2.33 percent has decreased from last year’s first quarter rate of 2.76 percent. This is the lowest rate since the fourth quarter of 2008.
• The Denver Business Journal reported last week that Denver was 19th (out of 146 markets) for real estate searches on Realtor.com in March and April.

All of these are great signs for the Denver housing market. People are searching for homes in Denver, there was a large uptick in contracts last month, the inventory of homes for sale is the smallest in almost a decade and the number of foreclosures is falling. We expect for the Denver real estate market to continue to strengthen during the summer months.

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

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If you are still on the fence about buying a home in today’s Denver real estate market, here is news that may cause you to leap off the fence and into a new home this spring.
 
Rate trend is towards higher rates even with all the uncertainty.  The 30-year rate is averaging 5.0%, 15 year is 4.0%.

Reading the Fine Print.  FHA monthly MIP to increase on 4/18 and will add around $20 for every $100K.  If loan is $200K, that is $40 a month.
 
These new costs will definitely shut many buyers out of the market.  Contracts dated on or before April 18 can avoid these costly increases. 

For help in buying a home in Denver, please contact a TeamCox member at 303-400-6060.

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Is the Denver real estate market a trend setter, or simply following national trends?  We believe a trend setter!

For months, TeamCox Realtors has been reporting that the Denver real estate market is on the rebound and now there is now evidence that the national housing market is following suit.

 In 2006, Denver led the nation in foreclosures for the entire year, and unfortunately, it was one of the first markets to make the downward spiral. Fast forward four years. In 2010, the Case Schiller consistently reported strong numbers for the Denver housing market. In fact, Denver’s home sales statistics and employment numbers are stronger than most of the country.

It appears that the national real estate market is also starting to rebound. Last week was packed with national housing market data and the news continues to get better. On Wednesday, we saw that December new home sales were up 17.5 percent, blowing away forecasts with a 329,000 annual rate. The supply of new homes dropped to 6.9 (months), and new home inventory slid to 190,000, down 66.8 percent from its 2006 peak. This was the lowest level since 1968. More good news came with an 8.5 percent increase in the median home price ($241,500) versus a year ago, its highest level since April 2008. The average home price registered a 4.7 percent gain compared to a year ago.

If you are fence sitting, this spring is the time to jump into the market.  Denver’s housing inventory is still good, but getting tighter for desirable properties. Interest rates continue to sit at near record lows, which will definitely not continue forever. 

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. 

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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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The monthly S&P/Case-Shiller Home Prices Index was released today and Denver home prices continue to lead the pack, rising a whopping 2.5 percent from May to June. National home prices have also finally stabalized and are even slightly rising in some places. This is raising hopes that the national real estate slump is coming to an end.  

This is wonderful news for the Denver housing market! For more information on Denver home prices, please contact TeamCox Realtors – your Denver real estate specialist – at 303-400-6060.

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The closely-analyzed S&P/Case-Shiller Home Prices Index revealed more good news regarding Denver home prices today - they rose 1.3 percent from April to May, which is an increase for the third consecutive month. Denver home prices also had the second-lowest year-over-year price decline of the 20 cities included in the report.

There is also good news on the national real estate front with national home prices rising from April to May, which is the first monthly increase in almost three years.

For information on the Denver real estate market, or regarding Denver-area home prices, please contact TeamCox Realtors – your Denver real estate specialist – at 303-400-6060.

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How is the Denver real estate market faring this summer? It really depends on the price range that you are looking at – the lower end is much more robust than the higher end. We are optimistic about the Denver housing market, especially for homes priced to receive offers at the maximum FHA loan limit of $417K and under. This conclusion is not only based on what we are observing, but on the many articles published in the paper supporting that this price range has bottomed out. 

The market is still sluggish for homes requiring conventional loans over the FHA loan limit of $417K, but we hope that it will open up as the overall market improves. The inventory of homes falling into this category (400s and up) is much higher than lower-priced homes.

In the current market, homes must be well-presented, and be correctly priced to be competitive. This trend will continue into the fall and winter months.  Looking ahead to 2010, we anticipate the market to pick up, and for home appreciation to occur in certain price ranges, as housing inventory continues to decline.

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

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The Today Show reported some great news on the Denver real estate market on Tuesday’s show. Barbara Corcoran, a renowned real estate expert, singled Denver out as the, “No. 1 city on the verge of recovery from the real estate slump.”

Corcoran said that she selected the Denver real estate market because its foreclosure rate peaked early, but it has decreased dramatically in recent months. She based her list on several other factors, including job growth potential, population growth, good weather, a large number of first-time homebuyers, a vital downtown, not much overbuilding, and a well-educated population. The other cities on the list are Raleigh, Austin, Seattle and San Francisco.

Corcoran also mentioned that things are, “pointing up, up up,.” in the Denver area. This means that now is the time to buy, buy, buy! You don’t want to miss this historic opportunity. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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TeamCox Realtors has noticed a significant trend emerging over the past few months – First-time homebuyers are dominating the Denver real estate market. This hunch was substantiated by recent statistics from Metrolist and by a 7News story that ran last week, revealing that over 58 percent of April Denver-area home sales were priced between $110,000 and $300,000.

Denver homebuilders are also taking note of this new trend, and are going after this niche market in droves. Richmond Homes, which has had great success with its Seasons collection, is introducing another new product line aimed at first-time hombuyers that boasts gourmet kitchens. DR Horton is also touting Denver-area homes that priced below $200,000 on its website.

Whether you are looking for a brand new home, or a century-old one, the time is right for first-time homebuyers in Denver. The stimulus package includes many incentives for first-time buyers, including:
- A tax credit of $8,000
- Tax credit is 10% of purchase price, but no greater than $8,000
- The income limits remain the same: ($75,000 for an individual; $150,000 for a couple)
- FTHB (no ownership in last 3 years) and principal residences only
- Tax credit is available until December 1, 2009
- Recapture of tax credit is now waived (no repayment required) as long as the buyer lives in the home for three years
- The provision is retroactive to purchases made on or after January 1, 2009.
- Waiver of prohibition on financing by mortgage revenue bonds is included
- Married: both have to be FTHB’s
- Tax credit will be claimed on federal income tax return

For information on purchasing your first home in Denver, please contact TeamCox Realtors at 303-400-6060.

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Who Qualifies for the First-Time Homebuyer Credit?

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