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Marianne Bandy's Denver Homes Blog

Items of Interest to Buyers & Sellers of Denver Real Estate

By Marianne Bandy | Broker in Parker, CO
  • METRO DENVER REAL ESTATE MARKET UPDATE AUGUST 2013

    Posted Under: Market Conditions in Englewood  |  August 22, 2013 9:29 AM  |  777 views  |  No comments

    Overview:

    Wow!  The market data continues to amaze us, and shows the exuberance of a confident market. There’s still a strong demand to buy that is finally giving homeowners the option to sell again due to the year to date appreciation in prices!  Once again, the market sold virtually every new listing that came up in July! 

    Please take a look at the graphs, as we are seeing some interesting trend lines, with Under Contracts and Solds probably peaking for the year and numbers of homes on the market (inventory) looking like it has bottomed out and continuing to grow since the end of May! 

    Even though we are still classifying this as a Seller’s Market, please be aware that the activity may vary a lot from area to area and with price range. 

    Market Metrics:

    By the numbers, the inventory of available homes for sale is 10,025 homes at July month end, 7,268 homes came onto the market, 7,406 homes were placed under contract, and 6,104 homes closed for a closed dollar volume of $1.9 Billion.  July is the transition month of the summer selling season.  School has either started in early August or will start within days or weeks.  Where has the summer gone?

    Monthly Market Recap: (See Graphs at End of Article)

    Single Family:                                                            Condos:
    Active Inventory is 8,286 homes at month end          Active Inventory is 1,739 homes

    Sold homes is 4,857                                                    Sold homes is 1,247

    Average Days on Market is 37                                   Average Days on Market is 37

    Median Sold Price is $286,500                                   Median Sold Price is $161,000

    Average Sold Price is $346,254                                  Average Sold Price is $203,794

    July Year-to-Date Market Recap (2013 versus 2012):

    Single Family:                                                            Condos:

    Active Inventory 8,286 versus 9,087 (↓9%)               Active Inventory 1,739 versus 1,740 (↔)

    Sold Units 25,827 versus 21,341 (↑21%)                   Sold Units 6,475 versus 5,137 (↑26%)

    Median Price $275,000 vs $249,000 (↑10%)              Median Price $158,500 vs $137,500 (↑15%)

    Average Price $331,780 vs $300,658 (↑10%)            Average Price $194,064 vs $174,299(↑11%)

    Sales Volume $8.5B versus $6.4B (↑34%)                 Sales Volume $1.2B versus $895M (↑40%)

    Days on Market 55 versus 84 (↓35%)                         Days on Market 51 versus 86 (↓41%)

    Market Facts:

    The Denver home market continues to grow and remains strong.

    Home ownership continues to be high on the lifestyle preference list of consumers.

    Consumer confidence pulled back in July to 80 down from 82 in June.

    Overall, the Denver home market has a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 2.39 month supply and Condos have a 1.99 month supply.

     

    Advice to Sellers:

    The Real Estate market continues changing.  July is a transition month and the summer season is moving into a new phase.  School has started which removes some buyers from the market; but, strong buyer demand continues.  With that being said, homes available for sale remain on the market a shorter time period (days on market is decreasing). Sellers should be prepared for multiple offers and informed enough to capitalize on creative offers.

    The 7 steps in the home selling process are: plan and prepare, obtain the services of a Realtor®, determine the price, market the home, sell the home, complete the closing, and finally move out of the home.  In the plan and prepare step, the home owner should do everything to maximize the home’s appeal and the buyer demand.  The determine the price step will cause the home owner to become familiar with the competition and the market value of the home.

    Will your home create that lasting impression?  Are you current on the preventative maintenance items needed for your home?  Have you de-cluttered your home?  To maximize the selling price, have you done recent upgrades?

    While the Denver home market continues to be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home.  Real Estate is always local; contact me to discuss the options available to you.

    Advice to Buyers:

    Overall, more homes are available for sale today than at any time this year.  Strong buyer demand continues and interest rates are rising.  School is in session, which takes some buyers out of the market.  Once you have made your decision to buy, start the process asap to insure your home buying success.

    Know what you want in a home, where you want to live, and what price range you can afford.  Complete the pre-qualification process with a lender so you know the price range that you qualify for when you are purchasing a home.  Be prepared and manage your expectations.

    Contact me to discuss your lifestyle preferences, the benefits of home ownership, homes available for sale, buying a home in 2013, and home affordability. 

    Are you ready to sell your Denver home? Contact Marianne Bandy for a no-obligation market analysis of your home’s value. The Bandy Team is here to help with all your real estate needs! We would be happy to show you some beautiful properties in Parker, or some terrific homes in Englewood, including property in Franktown.

    Until Next Time,

    Marianne Bandy

     

    The Bandy Team

    RE/MAX Professionals - Denver, CO

    "From Our Heart to Your Home"

    720-870-0862

    www.BandyHomes.com



     

     

  • Lone Tree, CO Welcomes New Cabela’s Store

    Posted Under: General Area in Lone Tree  |  August 18, 2013 11:19 AM  |  813 views  |  No comments

    Lone Tree is a great place to live and call home. Just 20 miles from Downtown Denver, it is an easy drive into the city. The town offers its active residents plenty of opportunities to enjoy many different recreational and family outings.  It is among the fastest growing communities in the nation and now it will be able to provide its residents access to Cabela’s, the World's Foremost Outfitter® of hunting, fishing, and outdoor gear.

    The new Cabela’s is located in the new Ridge Gate Commons development that is along interstate 25 at Ridge Gate Parkway.  Not only will the store meet a need of supplying outdoor gear to the active residents of Lone Tree, it will also employ nearly 200 full-time, part-time, and seasonal employees. The outside of the store will resemble the traditional Cabela’s popular store model while the inside will be Cabela’s next-generation format designed to surround customers with the outdoor experience.  The store will include a mountain replica with mounted game animals, which Cabela’s refers to as its conservation mountain. The mountain area will include an interactive display with detailed information on the many mountain species featured.

    Lone Tree is a great place for growing families and young professionals to call home.  Residents of Lone Tree have access to a wide range of activities and facilities which include the Lone Tree Summer Concert Series, a large trail network, and extensive first-rate shopping. In addition to Cabela’s there are many other development projects going on, including expansion of Sky Ridge Medical Center, new hotels and apartments, and new office buildings.

    If you are looking to sell or buy a home in Lone Tree, contact the Bandy Team today. We would love to help you buy or sell a home in Denver and the surrounding area.

                                                                                                                               

    Until Next Time,

    Marianne Bandy

     

    The Bandy Team

    RE/MAX Professionals - Denver, CO

    "From Our Heart to Your Home"

    720-870-0862

    www.BandyHomes.com

     

     

  • Parker, CO Joins Metro Mortgage Assistance Plus Program

    Posted Under: General Area in Parker, Financing in Parker  |  August 11, 2013 8:08 AM  |  950 views  |  No comments

    The dream of home ownership in Parker, CO will now become a reality for many as a result of the town now participating in the Metro Mortgage Assistance Plus Program. This program is made available by a special grant that targets low and moderate-income individuals and families.

    Many home buyers struggle to come up with the down payment that many mortgage lenders are looking for. This program can help home buyers with down payment and closing cost assistance up to a total of 4% of a 30-year fixed-rate mortgage loan. 

    Many similar programs only offer assistance to first-time home buyers, but that is not the case with the Metro Mortgage Assistance Plus Program. To qualify for the program, you must live in the home as your primary residence, have a minimum FICO score of 640 (660 for manufactured homes), and a debt-to-income ratio of 45. If you are looking to participate in this program, a family of two must earn less than $91,000, and a family of three or more must earn less than $103,000.

    Assistance for this program will be given on a first-come, first-served basis. Funding is made available through a revolving pool of $15 million expected to go through December, 2014.

    If you are interested in taking advantage of this program in Parker, contact The Bandy Team and we can recommend a lender to assist you. Let the professionals at The Bandy Team help you buy or sell your Denver home. If you are thinking about buying a home in Parker we can show you some wonderful homes in Canterberry,  properties in The Pinery, and real estate in Stonegate.

    Until Next Time,

    Marianne Bandy

    The Bandy Team

    RE/MAX Professionals - Denver, CO

    "From Our Heart to Your Home"

    720-870-0862

    www.BandyHomes.com

  • Spruce Up Your Denver Home’s Front Porch For Under $500

    Posted Under: Curb Appeal in Englewood, Remodel & Renovate in Englewood, How To... in Englewood  |  August 4, 2013 7:36 PM  |  1,069 views  |  1 comment

    If you are looking to add some curb appeal to your Denver home, here are five budget-friendly ways to spruce up your front porch for under $500.

    1. Architectural appeal- Make your front porch more appealing by adding trim pieces that are architecturally pleasing to look at. These pieces are available in weather-resistant wood or a low-maintenance synthetic (PVC or polyurethane) at many home improvement centers in the Denver area. The trim installs easily with basic tools and usually requires nails or screws. Adding decorative brackets where the support posts align with the ceiling will also dress up your porch. Adding shapely corbels under the eaves of your porch will add more architectural design.

    2. Paint- Add some color to your porch by painting it. A good-quality exterior paint that is made especially for porch floors will cost you on average $30-$45. If your porch is already painted and it needs to be redone check to see if the old paint dates before 1978 and if so, be sure to remove it due to lead exposure before you apply a new coat.

    3. Add a fan- If you enjoy spending time on your front porch, add a ceiling fan to help add a cooling breeze. When choosing a ceiling fan, choose one that is especially designed for the outdoors.

    4. Privacy- If you want to add some privacy to your porch, add tall, louvered panels or shutters that will not only provide privacy, but allow for light to filter through and a breeze to flow. Prices, on average, start at $50 for a 12x64-inch shutter. The shutters should reach from floor to ceiling, or to just above the railing if you have one. If you want to add a little bit more privacy, install weather-resistant curtains. If you do not want to use shutters, lattice panels are also a good alternative. 

    5. Add a screen- Adding a screen to your porch will help get rid of those bugging pests that can ruin your time sitting outdoors. You can use your current porch railing as a frame to add screens to. If you do not have a porch railing you can build a frame using ¾-inch thick lumber that has been pressure-treated. Stretch the screen and then staple it into place.

    Let the professionals at the Bandy Team help you buy or sell your Denver home. If you’re thinking about buying a home in Denver, we can show you some terrific homes in Littleton, properties in Larkspur or real estate in Englewood.

    Until Next Time,

    Marianne Bandy

    The Bandy Team

    RE/MAX Professionals - Denver, CO

    "From Our Heart to Your Home"

    720-870-0862

    www.BandyHomes.com

  • METRO DENVER REAL ESTATE MARKET UPDATE JULY 2013

    Posted Under: Market Conditions in Parker  |  July 30, 2013 1:12 PM  |  956 views  |  No comments

    Overview

    Summer is in full swing and so is the Denver real estate market. The market is continuing to be very active with solid Buyer confidence even with rising interest rates. However, we are starting to see and follow some new trend lines!  

    We have had declining Residential Inventory for approximately 6 years, and we have finally turned the corner and are on our way back up.  This will be the third straight month we’ve seen more listing inventory.

    We have also broken some record barriers with average sold prices for Single Family homes in the Metro Denver Area Year to date!  You will see the average price of $328,000.  That is the highest we have ever had! 


    Market Metrics:

    By the numbers, the inventory of available homes for sale is 9,187 homes at June month end;

    7,645 homes came onto the market, 7,420 homes were placed under contract, and 5,566 homes closed for a closed dollar volume of $1.77 Billion. June traditionally starts slow and then proceeds to finish strong.  Home prices and mortgage interest rates are rising.


    Monthly Market Recap: (See Graphs at end of this article)

    Single Family:                                                            Condos:

    Active Inventory is 7,558 homes at month end          Active Inventory is 1,629 homes

    Sold homes is 4,433                                                    Sold homes is 1,133

    Average Days on Market is 43                                    Average Days on Market is 43

    Median Sold Price is $290,000                                   Median Sold Price is $164,950

    Average Sold Price is $349,339                                  Average Sold Price is $198,04

    June Year-to-Date Market Recap (2013 versus 2012):

    Single Family:                                                            Condos:

    Active Inventory 7,558 versus 9,074 (↓17%)       Active Inventory 1,629 versus 1,851

    Sold Units 20,970 versus 17,628 (↑19%)             Sold Units 5,228 versus 4,232

    Median Price $275,000 vs $245,500 (↑12%)   Median Price $157,900 vs $134,957

    Average Price $328,427 vs $298,075 (↑10%)   Average Price $191,744 vs $170,799

    Sales Volume $6.9B versus $5.3B (↑31%)         Sales Volume $1.0B versus $723M

    Days on Market 59 versus 89 (↓34%)               Days on Market 55 versus 89

    Market Facts:

    The inventory of homes available for sale continues to increase for the third consecutive month. Buyer demand remains strong even though interest rates are increasing.

    Overall, the Denver home market has a two month supply of homes available for sale at the current sales rate.  Single Family Residential homes have a 2.2 month supply and Condos have a 1.9 month supply.

    Real estate is local.  While the above is a representation of the Denver market as a whole, please contact me to better understand your specific real estate market.

    Advice to Sellers:

    The Real Estate market is healthier than it has been in years and it is continually changing.  Is now the right time for you to sell your home?

    Two questions – First, if you decide to sell your home, is your home ready for the current market such that you will maximize top market value?  Second, if you decide to sell your home, what will you do once the home is sold?

    A seller’s home is unique and each and every prospective home buyer is unique.  With that being said, as a seller, have you done everything needed to prepare your home for being on the market and selling during this prime season?

    Will your home create that lasting impression?  Are you current on the preventative maintenance items needed for your home?  Have you de-cluttered your home?  To maximize the selling price, have you done any upgrades?

    While the Denver home market can be portrayed as a “seller’s market”, each and every home is unique which suggests professional assistance in selling the home. Real Estate is local; contact me to discuss the options available to you.

    Advice to Buyers:

    Home Buyer, what should you do?  That is the question of the day. Should you participate and move forward to purchase a home or should you wait until a later date?  Is now the right time for you to become a homeowner?  What is and what will be the impact of rising interest rates?

    Know what you want in a home, where you want to live, and what price range you can afford. Complete the pre-qualification process with a lender so you know the price range that you qualify for when you are purchasing a home.  Be prepared and manage your expectations.

    Call me today to discuss your Lifestyle preferences, the benefits of home ownership, homes available for sale, buying a home in 2013, and home affordability.

    The Bandy Team is here to help with all your real estate needs. We can help you buy or sell a home in Denver. Contact the Bandy Team to see what we can do for you! We can show you some terrific property in Centennial, including homes in Washington Park, or some beautiful homes in Parker.

    Until Next Time,

    Marianne Bandy

    The Bandy Team

    RE/MAX Professionals - Denver, CO

    "From Our Heart to Your Home"


    720-870-0862

    www.BandyHomes.com



  • Denver Ranked #1 in the Top 10 Places to Move

    Posted Under: General Area in Colorado, Quality of Life in Colorado, Home Buying in Colorado  |  July 18, 2013 10:21 AM  |  1,172 views  |  No comments

    There will be nearly 5 million Americans moving someplace new this year. Denver was just voted the Best City to Move in the United States. Since 2010, there have been 10 cities that more people have moved to than anywhere else in the country, and Denver was one of those. Each of the top 10 cities was ranked against each other based on five criteria and Denver was voted number one. The criteria considered was: rent, home, living costs, transportation, and fun.

    The cost of rent was based on a 2-bedroom apartment. Home was based on home value. Transportation was determined by commute, gas, auto insurance, and public transportation costs. Living costs were determined by the price of milk, beer, sales tax, per capita income, and residential electricity. Fun was determined based on local attractions, sports teams, percentage of population under 30, and park space.

    Denver is an outdoor enthusiast’s ideal location offering many ways to take advantage of Colorado’s mountains and many rivers. Denver also has a wonderful public transportation system, which adds appeal. The cost of living and per capita income helped Denver rank number one. On a scale of 1 to 10, this is where Denver ranked among the five criteria:

    Rent: 4

    Home: 5

    Living Costs: 10

    Transportation: 10

    Fun: 6

     

    The rest of the top 10 cities are as follows:

    2nd- Charlotte, NC

    3rd-Austin, TX

    4th-San Diego, CA

    5th-Phoenix, AZ

    6th-San Antonio, TX

    7th-New York, NY

    8th-Los Angeles, CA

    9th-Dallas, TX

    10th-Houston, TX

     

    If you ready to make the move to Denver, or have  Denver real estate to sell  let the Bandy Team help you with all your real estate needs. Contact the Bandy Team to see what we can do for you! We can show you some beautiful properties in Cherry Hills Village, including homes in Washington Park, or some terrific homes in Aurora.

    Until Next Time,

     

    Marianne Bandy

    The Bandy Team

    RE/MAX Professionals - Denver, CO

    "From Our Heart to Your Home"

    720-870-0862

    www.BandyHomes.com

  • How to Decide if it is Time to Move-Up or Remodel Your Denver Home

    Posted Under: Remodel & Renovate in Stapleton  |  July 13, 2013 7:36 AM  |  1,131 views  |  No comments

    Is space becoming a hard thing to find in your Denver home? Do you walk into your home and have a hard time maneuvering around all your stuff, or has the home office become a new closet? If this sounds like you, then now is the time to ask yourself is it time to move-up, or remodel.

     

    The Denver housing market is becoming more and more a seller’s market. Denver homeowners are listing their homes for sale as home prices continue to rise. Of the 146 markets that realtor.com collects data from, nearly all have experienced home price increases over the last year. 

     

    Things are starting to change when it comes to the remodeling market too. Homeowners are tending to be less extravagant in their remodels than they were during the housing bubble. During the last housing bubble, homeowners were all about bigger and more extravagant home renovations.

     

    How do you decide if it is time to remodel or move?

     

    1. How much do you like where you live? Not liking your home and not liking your neighborhood are two different things. If you take the feelings towards your home out of the equation, how do you feel about your neighborhood overall? Is where you live now close to your job, a convenience to the places you visit often? Are you ready for a change? These are just a few questions you should ask yourself before deciding to move or remodel.

     

    2. What changes need to happen? How big of a remodel do you need to make you happy in your current home? Is it easy to add on to your home to utilize more space, or is finishing the basement an option? If more room in your house is what you are after adding on can be very expensive, but worth it in the long run.

     

    3. How much space do you need? Will you be expanding your family in the future, or do you hope to work from home one day soon? While it is impossible to predict what will happen in the future, if you think there may be a chance you will be need more space in the next two years, now may be the time to consider moving.

     

    4. How is the current real estate market? Real estate is local. There are plenty of market reports across the country that tell how the nation is doing overall when it comes to real estate, but when it all comes down to it, real estate is local. The number of houses on the market in Denver is low and home prices are increasing, making now the perfect time to sell your Denver home.

    Let the professionals at the Bandy Team help you buy or sell a home in Denver; contact us for a no-obligation consultation. If you’re thinking about buying a home in Denver, we can show you some terrific homes in Stapleton, including condos in Denver Highlands, townhomes in Cherry Creek or the charm of real estate in Lowry.

     

    Until Next Time,

    Marianne Bandy

    The Bandy Team

    RE/MAX Professionals - Denver, CO

    "From Our Heart to Your Home"

     

    720-870-0862

    www.BandyHomes.com

     

     

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