It's a good time to put your home on the market. The availability of good homes for sale in the Denver metro area is dwindling. 

"Inventory is down 40% from last year," said Carole Dieterich with The Kentwood Company Cherry Creek at 44 Cook Street, Suite 900, 303-475-2965, "Buyers are frustrated with the low number of homes available to pick from." Carole went on to say that she has been getting a steady flow of phone calls from other REALTORS® looking for homes to purchase for qualified buyers.

According to a report from Metrolist, the inventory of metro Denver single family homes and condominiums continued to fall in December 2011.  The number of available homes on the market fell 12% from November.

Year-end numbers for home sales were also included in the Metrolist report.  Dennis Huspeni of The Denver Business Journal writes about the highlights and trends from 2011:

• Average Days on Market: 108 (average of 92 in 2010)
• Average Sales Price: $255,492 (average of $257,000 in 2010)
• Homes under Contract: 47,373 (49,313 in 2010)
• Closings: 39,387 (38,818 in 2010)

Many home sellers are still wary to enter the market, but basic economics tells us that when inventory decreases, the potential to get a better price increases.  The key is that your property needs to be in top condition.  A REALTOR® can give you home selling tips to make sure your home sells in the shortest amount of time possible.

Analysts predict a slight increase in sales in 2012 but nothing dramatic.  Everyone is focused on the economy and 2012 looks like there will be an steady increase in transactions and prices.

Read the full story at The Denver Business Journal.

photo credit: Jonathan D. Blundel

Posted in Denver Colorado Real Estate, Real Estate Market Conditions

Home buying in Colorado is still a better option than renting, especially since apartment vacancies are at a 10-Year low and rent prices have increased statewide.

A home buyer purchasing a typical 2 bedroom home in Denver at current average interest rates would have a mortgage payment of approximately $965 a month. Denver's average home sale price from August to October 2011 was $192,000. (Monthly costs based on 4.25% interest rates with a 20% down payment.)

"Denver's overall cost of living is 35% above the national average, so it's not the cheapest place to live." states Trulia, a real estate data website. The median price for apartment rentals is $700 in the Denver area with rents ranging all the way up to $2,000 a month depending on location, size and amenities.

In Colorado Springs, the average home sale price is $178,549, which calculates out to be approximately $900 a month, based on 4.25% interest rate and a 20% down payment.

"Colorado Springs enjoys an overall cost of living that's 29% below the national average. Apartment rentals are lower-priced here than in Denver." states Trulia. The average price for apartments is $640 per month with amenity-rich apartments going for $800 and up.

The National Association of Realtors recently reported that 30-Year Mortgage rates have fallen below 4%, for the first time in thirty years. "Expect mortgage rates to average something closer to a 4.5 percent rate by spring of next year and possibly hit 5.0 percent one year from now." predicts NAR Chief Economist, Lawrence Yun. "A lower mortgage rate in later months is not likely."

So depending on what you are looking for, home buying is still an affordable option versus renting. Take advantage of low interest rates and low prices on homes and hire a professional REALTOR® to help you decide if buying a home is an option for you.

photo credit: herlitz_pbs

Posted in Denver Colorado Real Estate, Real Estate Market Conditions, Real Estate Industry, Gen X-Y

The University of Denver has been chosen as the first site of a Presidential debate next year between President Barack Obama and the Republican nominee.

The event will be held on October 3^rd at Magness Arena which is the university's hockey arena venue. It will be the first of three debates, the other two will be Oct. 16^th at Hoffstra University in New York and Oct. 22 at Lynn University in Florida.

A debate for the vice-presidential candidates will be Oct. 11 at Centre College in Kentucky.

To host a debate is quite a challenge, qualified sites were based on room for 3,000 journalists, a media center and room for media trucks, availability of hotel rooms within a 30 minute radius and cooperation by police and other city services.

Read more at Denver Business Journal

Posted in Headlines, Denver Colorado Real Estate, Real Estate Investing

ZipRealty announced that it has dropped the registration requirement to allow more consumers to use the website for real estate searches without having to give up personal information.

"The ZipRealty website has consistently ranked (highly) for real estate search even with the registration system in place, and we are excited about opening up all we have to offer for even greater numbers of consumers in the future," said Lanny Baker, ZipRealty's CEO, in a statement.

Zip Realty tested the no-registration process in a few markets across the United States and found that they received a higher number of visits, year over year.

"The option to register will still be available on the site should users wish to save listings and searches, contact an agent for assistance, or personalize other features available on the site." reported Andrea Brambila for Inman News

All visitors to the site, regardless of whether they register or not, can now view all details of homes for sale, including price, square footage, photos and maps.

The Colorado market will offer no registration searches soon.

Read more at Inman News.

Posted in Denver Colorado Real Estate, Real Estate Industry Trends

The Denver Business Journal reports that seven zip codes in Colorado rank in the nation's top 100 Most Expensive Zip Codes on the Forbes annual list.  The rankings are based on the median price of homes in the zip code.

Five of the zip codes are at or near our ski areas.  Here are the top 7 most expensive Colorado Zip Code and their rankings in Forbes top 100 list, including the median home price:

#13: Snowmass- $2,995,000

#20: Aspen- $2,647,239

#28: Telluride - $2,395,000

#37: Cherry Hills - $2,195,000

#59: Snowmass Village - $1,773,523

#77: Vail - $1,615,516

#92: Greenwood Village - $1,495,000

Read the full story at Denver Business Journal.

Posted in Denver Colorado Real Estate, Real Estate Market Conditions, Real Estate Industry, Lead Generation, Luxury Home Market