Denver Is The Fastest Market And Success Stories

 

Posted by Damon L. Chavez on Thursday, June 30th, 2011 at 11:24pm.

According to a recent Denver Post article by John Rebchook, Realtor.com reported that May is the second month in a row that the Denver area is leading the nation in how fast homes sell.  Their study analyzed 146 metropolitan areas and concluded that it took an average of 39 days to sell a home in the Denver area in May, and an average of only 44 days in April.  Realtor.com is owned by the National Association of Realtors®. Nationwide, from the Realtor.com report, the average was 92 days to sell a home this May – up 4.5 percent from May of 2010.  Denver’s current time to market is 2.5 percent lower than the previous May. On the other hand, according to the Post article, Metrolist reports an average of 109 days to sell a property in the Denver area.  The difference being that Realtor.com primarily uses the median age of single family homes, townhomes, co-ops and condos listed on Realtor.com.  Multilist services such asMetrolist generally construct their data from all types of properties and a broader range of listing sources. From the article, a couple more things to note are that there is an unusually low number of homes in inventory for the Denver area for this time of year (about 19,573 unsold with 1685 of these categorized as pending).  Second, lower priced homes are selling in as fast as a week after being place on the market. I conclude from all this is that the Denver market appears to be on the move, and it's important to get with your real estate agent to look at the stats and trends for the type and price of property you want, in the areas you want.  Also, with listed inventory in the Denver area being where it is with interest rates still being favorable, it makes sense to get going on your property search. For the complete Denver Post article, please visit http://insiderealestatenews.com/2011/06/denver-nations-fastest-selling-market/#more-12575 

 

Recent Your Castle Real Estate Success Stories A buyer's success story:  A client mentioned she was paying $700/month rent for her condo and asked whether it made sense to buy instead. After a search of about one month, she found a HUD listing one block from her current apartment. Because she liked the neighborhood and wanted to stay there, she agreed to look at the listing. It was a 950 sq. ft., 2 bed / 1½ bath unit with a garage and a partially finished basement listed at $50,000!   Of course the property needed a little work, but it wasn't any worse than her current apartment.  After getting the contract (the second time around) and dealing with the subtle nuances of HUD she recently closed on the property. Now her total payment including HOA dues is almost $100 less per month than her smaller rental! A Seller's Success Story:  A client was facing foreclosure on a beautiful 5 bed / 5 bath house.  In this instance a short sale was the best option. The original loan was for $1.3 million. The new buyers offered $460,000 plus golf membership (the property is on a golf course) and the seller’s bank that held the mortgage accepted it! The buyers are thrilled to get such a beautiful home at such a deep discount and our client avoided foreclosure, making it a win-win situation for everyone! An Investor's Success Story:  Now is a great time to buy and hold investment property in the Denver Metro area.   A client purchased a duplex on Reed St. in Lakewood recently and got a smoking deal!  Each unit has1,072 sq. ft and has 3 bedrooms, 1 full bath, and shares the 2-car garage. The property backs to a large set of fields with a high school on the far end. And it’s in great shape! It has hardwood floors throughout, updated windows, a newer roof, and systems that all passed inspection. It’s on a quiet street with little through traffic and a lot of single family owner-occupied homes on the block. And the best part is that the property came with two Section 8 tenants and the rents are $1,075/month for each side, guaranteed by the government.  The purchase price was $199,000 and the clients put down 25% so their monthly PITI (Principal, Interest, Taxes, and Insurance) payment is $1,039, meaning they’re getting $1,111 in cashflow every month. Monthly cashflow is significantly more than their payment! Please call or email with any questions, or start your home search here: http://pheep.ycrehomefinder.com/search/   Warm Regards, Phil Heep www.YourAgentPhil.com 303-588-6885