Your Source For Metro Denver Real Estate News & Market Trends

Denver Realty Pro, LLC Real Estate Blog and News Source.

We are passionate about all things real estate. Our real estate market is always changing. Our blog covers everything from local real estate news, market statistics, home values and things happening across the metro Denver real estate market. We care about the community and love helping people find their place in it.

We always want to provide helpful content for our readers. If you have an idea for our Blog, please let us know. We'd love to hear from you! 

Jan. 28, 2023

Southeast Recreation Center and Fieldhouse Aurora, CO

Aurora Celebrates the Grand Opening of Their Newest Recreation Center

The city of Aurora, CO recently celebrated the addition of their newest facility, the Southeast Recreation Center and Fieldhouse. This new facility located just west of the Arapahoe County Fairgrounds at 25400 E. Alexander Dr. Aurora, CO 80016 is a welcome addition to one of the fastest growing areas in Southeast Aurora. 

The state of the art facilty includes a gymnasium with basketball courts and  pickleball. There is an indoor soccer field plus an indoor pool with Splash Park, lap pool, lazy river and water slide and hot tub. There is also plenty of cardio and fitness equipment as well as free weights to enjoy. 

Another great feature is the indoor walking running incline track which spans the entire facility. There is also a multi-use studio available to use. 

The facility offers both youth and adult soccer leagues as well as swimming lessons and basic and specialty fitness classes. 

There are plenty of youth programs including after school clubs kids can enjoy designed to be both fun and educational. Themes change on a quarterly basis so make sure to check the website for full details.

Rec Center Pricing Brochure V3 Website (002)_Page_1

Membership varies from day passes to full membership. You can pay annually or you can utilize their EZ payment plan. Monthly and 10 visit passes are also available. 

The best news is when you purchase one pass you get access to all six of the recreational centers across Aurora. 

If you have been ready to get going on your New Year's Resolution make sure to stop by and visit this amazing brand new facility! 

Posted in Area Events
Jan. 24, 2023

GREAT NEWS for First Time Home Buyers!

First Time Home Buyer Loan

Improved Mortgage Rates 

If you've been dreaming of home ownership but thought it was out of reach, we have great news for you! Fannie Mae and Freddie Mac have recently made adjustments to the way mortgage interest rates are determined for first time home buyers.

Young Couple Buying Their First HomeFannie/Freddie have waived ALL rate adjustments (Loan Level Price Adjustments LLPA) for first time home buyers at or less than AMI (Area Median Income) or in counties that are High Balance Loan eligible of 120 AMI. The LLPA is a fee that can be added to a loan to reflect the perceived risk of that loan.

By removing this fee on certain loans, Fannie Mae and Freddie Mac have made it less expensive for first time home buyers to buy a home. This will make home ownership more accessable for first time buyers as well as lower-income borrowers. 
What Does This Mean For You?

Lower interest rates because:

  • No adjustments for a low FICO score 
  • No adjustments for lower down payment 
  • No adjustments for condos

What's the catch? 

  • You must be a first time home buyer (Can't have owned real estate in the past 36 months)

Plus... In the Metro Denver counties (Denver, Jefferson, Douglas, Arapahoe, Adams and Broomfield) you can't make more than $141,398 in annual income. 

  • Places like Boulder, Summit and Eagle county income limit is even higher.  

What if you don't buy in one of these counties?

The income limits become $117,832

The best news is this change is effective immediatley! 

Denver Realty Pro, LLC works with some of the BEST lenders in the Metro Denver Area that would love to discuss loan options with you. Please call us today and we will start the process.

Jan. 18, 2023

Market Watch December 2022

December 2022 REcolorado Market Watch

Times They Are a Changing...

As we celebrated the holidays the Denver Real Estate Market showed the typical season slowdown we've come to expect. However this December felt a lot different than the previous years.

The chill in the air was not only from the December snow but from a shift in Denver's cooling real estate market. The number of closing were down 40% from this time last year and there were 26% lower homes going pending. 

High prices coupled with high interest rates have caused affordability to be top of mind for  most Buyers. There isn't the rush to buy like there was in the beginning of 2022. Buyers are taking their time and looking at more properties before pulling the trigger to buy.

 

The market shift has many Sellers waiting to list their homes. This was reflected in a 40% drop of new listings coming to market compared to this time last year. Another factor is many Sellers are locked into much lower interest rates than what are currently available today. It has many in a wait and see mode as they wait for rates to improve. 

On a positive note, although interest rates are higher, December saw four times more standing inventory for buyers to explore. Plus most homes closed 4.4% below the list price! 

With home prices coming down and Buyers not having to overpay for homes as they did for most of 2022, Buyer confidence is improving. Creative financing like 2/1 Buy Downs and ARM's are making a comeback. If you're in the market to purchase or sell a home in 2023, please contact us. We would love the opportunity to assist you! 

November 2022 Real Estate Report

Metro Denver Single Family Market Report December 2022

Metro Denver Multi Family Market Report December 2022

Metro Denver Real Estate Snapshot December 2022

December 2022 Market Watch Full Report

December 2022 Market Watch Report

Curious about what’s happening in your neighborhood? 
You can create a custom market report to see all active, under contract, and sold homes within your neighborhood! 

Considering selling or refinancing your home? Get an INSTANT property valuation now!

We're here to serve all your real estate needs. Contact us today

Posted in Market Watch
Jan. 6, 2023

Mortgage Rate Buydown

Ways to Combat High Mortgage Rates

The Denver Real Estate Market has been shifting for several months now. Record high inflation has led to the Fed to raise interest rates several times in 2022 to try to bring it under control. The result has been mortgage rates grew sharply from the 3% rates we saw at the beginning of 2022 to around 6.5% to close out 2022.

Mortgage Rates This sent shockwaves through the real estate market causing many Buyers to pump the brakes as they waited to see if rates would stablize. Gone was the buyer feeding frenzy that gripped the market in the first quarter of 2022. It was replaced with more homes on the market then we have seen in years. Most homes were no longer seeing bids over asking with quite a large majority having price reductions. 

While it may have felt like the sky was falling for some, the fact is the market couldn't sustain the record growth much longer. We now find ourselves in more of an even market meaning that the advantage is no longer strongly with Sellers. The change is going allow buyers to be able to purchase a home for closer to the asking price without having to overpay for the property. 

As we enter into 2023 both Buyers and Sellers are figuring out how to navigate the new reality. Inflation continues to be at the forefront and indications are the Fed will continue to raise the interest rates in 2023 at a less agreesive pace than before. 

As Buyers try to figure out ways to afford homes and Sellers are coming to the realization that they are having to offer concessions to get their home sold there is a way to bring the two together. It's time to get familiar again with the term "Rate Buydown."

Rate Buydowns

Many may be familar with a rate buy down but for those who are not familiar with it we will explain it to you. The rate buydown program can be as follows:

  • 2/1 Rate Buydown
  • 1/1 Rate Buydown
  • 1/0 Rate Buydown 

Here are how these programs work. The average conventional interest rate today is 6.5% .

The 2/1 loan program allows for your interest rate to be reduced to 4.5% (2% points lower) for the first year. 5.5% (1% point lower) for the second year and then it returns to the original interest rate of 6.5% for years 3-30. 

The 1/1 loan program allows for your interest rate to be reduced to 5.5% (1% point lower) for the first year. 5.5% (1% point lower) for the second year and then it returns to the original interest rate of 6.5% for years 3-30. 

Lastly the 1/0 loan program allows for your interest rate to be reduced to 5.5% (1% point lower) for the first year and then it returns to the original interest rate of 6.5% for years 2-30. 

Unpaid interst is collected upfront on whichever program you choose. The unpaid interest collected upfront is held in an escrow account. If the homeowner either refinances the loan or selles before the 3rd year, the unpaid interest is credited to the funds to the pay off their loan. Simply put, it's a win win as you get the benefits of the funds one way or the other. Here is an example of the costs involved with each program.

Rate Buydown ChartThese costs can be paid for by either the Buyer or the Seller. Many Sellers are  offering price reductions now. Some savy Sellers are now offering money toward rate buy downs to help their listing stand out apart from the competition. 

If you are thinking or buying a home in 2023 this can be a great strategy. It can help bridge the gap until rates come down and you can refince in the future. 

Here at Denver Realty Pro, LLC we have experience in all kinds of housing markets. Contact us today so we can learn about your needs and come up with a plan that best meets your unique situation. 

Dec. 12, 2022

Market Watch November 2022

Denver Real Estate Market Watch November 2022

Seasonal Slowdown or Maybe More...

Tis the season. The holidays are here and the Denver Real Estate Market showed the typical season slowdown we've come to expect. Many consumers put their housing search on hold as they enjoy the holiday season. New listings reflect this trend with 28% less homes coming to market year over year. 

We saw a sharp decline of homes that went under contract. Pending listings were down 36%. There was even a larger decline with 43% less homes closing compared to this time last year. 

Homes are taking longer to sell with the average days on market up to 22 days. The good news is that even with the shifting real estate market the median closed home price increased year over year! 

Home buyers are finding even more housing options as the market now has 9 weeks of inventory to choose from. Many properties have price reductions with Sellers also offering financing incentives to help with the rising interest rates. 

With December upon us, the current market condtions are expected to continue for the near future. 

November 2022 Real Estate Report

Metro Denver Real Estate Market Snapshot Single Family Homes

Metro Denver Real Estate Market Snapshot Multi- Family Homes

November 2022 Market Watch Report

Denver Metro Area Market Watch Rekport November 2022

Curious about what’s happening in your neighborhood? 
You can create a custom market report to see all active, under contract, and sold homes within your neighborhood! 

Considering selling or refinancing your home? Get an INSTANT property valuation now!

We're here to serve all your real estate needs. Contact us today!

Posted in Market Watch
Dec. 1, 2022

New Loan Limits For 2023

New Colorado Loan Limits for 2023 

Good news, home values rose substantially in 2022. Because of the increase in home values, the Federal Housing Finance Agency (FHFA) has increased the conforming loan limits for 2023!

The average for most counties in Colorado rose to $726,200, however there are many counties that have even higher limits.

The table below shows the conforming loan limits for all Colorado counties including all unit types. Single family properties are referred to as 1 unit property. Duplex homes properties are referred to as 2 unit properties. Triplex properties are referred to as 3 unit properies and multi plex properest are referred to as 4 unit properties.  

2023 Conforming Loan Limits For Colorado

 

County Name 1-Unit 2-Units 3-Units 4-Units
ADAMS $787,750 $1,008,450 $1,219,000 $1,514,950
ALAMOSA $726,200 $929,850 $1,123,900 $1,396,800
ARAPAHOE $787,750 $1,008,450 $1,219,000 $1,514,950
ARCHULETA $726,200 $929,850 $1,123,900 $1,396,800
BACA $726,200 $929,850 $1,123,900 $1,396,800
BENT $726,200 $929,850 $1,123,900 $1,396,800
BOULDER $856,750 $1,096,800 $1,325,800 $1,647,650
BROOMFIELD $787,750 $1,008,450 $1,219,000 $1,514,950
CHAFFEE $726,200 $929,850 $1,123,900 $1,396,800
CHEYENNE $726,200 $929,850 $1,123,900 $1,396,800
CLEAR CREEK $787,750 $1,008,450 $1,219,000 $1,514,950
CONEJOS $726,200 $929,850 $1,123,900 $1,396,800
COSTILLA $726,200 $929,850 $1,123,900 $1,396,800
CROWLEY $726,200 $929,850 $1,123,900 $1,396,800
CUSTER $726,200 $929,850 $1,123,900 $1,396,800
DELTA $726,200 $929,850 $1,123,900 $1,396,800
DENVER $787,750 $1,008,450 $1,219,000 $1,514,950
DOLORES $726,200 $929,850 $1,123,900 $1,396,800
DOUGLAS $787,750 $1,008,450 $1,219,000 $1,514,950
EAGLE $1,075,250 $1,376,550 $1,663,900 $2,067,850
ELBERT $787,750 $1,008,450 $1,219,000 $1,514,950
EL PASO $726,200 $929,850 $1,123,900 $1,396,800
FREMONT $726,200 $929,850 $1,123,900 $1,396,800
GARFIELD $948,750 $1,214,600 $1,468,150 $1,824,550
GILPIN $787,750 $1,008,450 $1,219,000 $1,514,950
GRAND $726,200 $929,850 $1,123,900 $1,396,800
GUNNISON $726,200 $929,850 $1,123,900 $1,396,800
HINSDALE $726,200 $929,850 $1,123,900 $1,396,800
HUERFANO $726,200 $929,850 $1,123,900 $1,396,800
JACKSON $726,200 $929,850 $1,123,900 $1,396,800
JEFFERSON $787,750 $1,008,450 $1,219,000 $1,514,950
KIOWA $726,200 $929,850 $1,123,900 $1,396,800
KIT CARSON $726,200 $929,850 $1,123,900 $1,396,800
LAKE $726,200 $929,850 $1,123,900 $1,396,800
LA PLATA $726,200 $929,850 $1,123,900 $1,396,800
LARIMER $726,200 $929,850 $1,123,900 $1,396,800
LAS ANIMAS $726,200 $929,850 $1,123,900 $1,396,800
LINCOLN $726,200 $929,850 $1,123,900 $1,396,800
LOGAN $726,200 $929,850 $1,123,900 $1,396,800
MESA $726,200 $929,850 $1,123,900 $1,396,800
MINERAL $726,200 $929,850 $1,123,900 $1,396,800
MOFFAT $726,200 $929,850 $1,123,900 $1,396,800
MONTEZUMA $726,200 $929,850 $1,123,900 $1,396,800
MONTROSE $726,200 $929,850 $1,123,900 $1,396,800
MORGAN $726,200 $929,850 $1,123,900 $1,396,800
OTERO $726,200 $929,850 $1,123,900 $1,396,800
OURAY $726,200 $929,850 $1,123,900 $1,396,800
PARK $787,750 $1,008,450 $1,219,000 $1,514,950
PHILLIPS $726,200 $929,850 $1,123,900 $1,396,800
PITKIN $948,750 $1,214,600 $1,468,150 $1,824,550
PROWERS $726,200 $929,850 $1,123,900 $1,396,800
PUEBLO $726,200 $929,850 $1,123,900 $1,396,800
RIO BLANCO $726,200 $929,850 $1,123,900 $1,396,800
RIO GRANDE $726,200 $929,850 $1,123,900 $1,396,800
ROUTT $845,250 $1,082,100 $1,308,000 $1,625,500
SAGUACHE $726,200 $929,850 $1,123,900 $1,396,800
SAN JUAN $726,200 $929,850 $1,123,900 $1,396,800
SAN MIGUEL $862,500 $1,104,150 $1,334,700 $1,658,700
SEDGWICK $726,200 $929,850 $1,123,900 $1,396,800
SUMMIT $953,350 $1,220,450 $1,475,250 $1,833,400
TELLER $726,200 $929,850 $1,123,900 $1,396,800
WASHINGTON $726,200 $929,850 $1,123,900 $1,396,800
WELD $726,200 $929,850 $1,123,900 $1,396,800
YUMA $726,200 $929,850 $1,123,900 $1,396,800

 

Aug. 28, 2022

How To Build a Retaining Wall

Backyard Retaining Wall

There are many reasons why you may need a retaining wall on your property like shifting soils or erosion. Many also add a retaining wall as an anchor to a beautiful landscape design. 

Whatever your reason for adding a retaining wall there are many factors to consider. The biggest is whether you want to tackle the project yourself or hire a professional.

By doing the job yourself, you save on the labor costs which can be as much as $75 per hour. 

There are many videos on YouTube that give step by step instruction on building retaining walls. Depending on the size of the job, most average walls can be completed in a couple of day. 

If you would like to learn more, here is a great article that covers the basics on how to build a retaining wall. 

 

Posted in Home Care Tips
Aug. 18, 2022

Market Watch July 2022

REcolorado Market Watch July 2022

Changes Continue as Market Shifts

Although many analysists still see the market as a slight Seller's Market, demand has dipped due to high home prices and rising interest rates which is causing homes to sit longer before going under contract.  As the summer goes on the Denver Real Estate Market is continuing to shift more towards an even market.

As inflation reached 40 year highs the Fed raised the interest rate multiple times to curtail inflation. The increase did affect mortgage rates as rates did jump dramatically to around 6.5%. Rates dropped at the end of the month and are now around 4.5% for a FHA or VA loan and 5.5% for a convention loan. 

Home buyers are finding even more housing options than they have in months as the market now has 7 weeks of inventory to choose from. Less homes are receiving multiple bids and having the price driven up through bidding wars which is allowing Buyers to reevaluate their situation and not feel as rushed to make a decision. 

While there is uncertainty in the market, the good news is the Colorado economy remains strong. Would you like to learn more? Make sure to check out the full details listed below. 

July 2022 Real Estate Report

Land Title Market Watch July 2022 Page 2

Land Title Market Watch July 2022

July 2022 Market Watch Report

REcolorado July 2022 Market Watch Full Report

Curious about what’s happening in your neighborhood? 
You can create a custom market report to see all active, under contract, and sold homes within your neighborhood! 

Considering selling or refinancing your home? Get an INSTANT property valuation now!

We're here to serve all your real estate needs. Contact us today!

Posted in Market Watch
July 14, 2022

Market Watch June 2022

Market Watch June 2022 Metro Denver Real Estate Statistics

Significant Shift In The Market

June saw a significant shift in the real estate market after policymakers approved the biggest interest rate hike in 28 years. 

With higher interest rates on top of record high prices, affordability has become a real concern as prospective monthly payments have increased sharply. 

This shift has contributed to a cooling in the market as many buyers have decided to delay purchasing a home. 

The number of closings were down 20% compared to this time last year and down 7.5% compared to last month. 

Pending homes also saw a significant drop as 22% less homes went under contract compared to this time last year. Indications are that this trend will continue into July, 2022.

Home prices dipped some in May but have leveled off in June. The Median home price was $615,000 in June and overall home prices are were up 13% compared to this time last year. 

As the summer selling season continues on, new listings remain steady. The number of available homes rose to a 5 week supply bringing much more opportunities for potential buyers.

June 2022 Real Estate Report

June 2022 Real Estate Report

Real Estate Report June 2022

June 2022 Market Watch Report

Denver Metro Market Watch Report June 2022

Curious about what’s happening in your neighborhood? 
You can create a custom market report to see all active, under contract, and sold homes within your neighborhood! 

Considering selling or refinancing your home? Get an INSTANT property valuation now!

We're here to serve all your real estate needs. Contact us today!

Posted in Market Watch
June 22, 2022

Market Watch May 2022

Denver Real Estate Market Watch May 2022

More Inventory More Options...

As the spring selling season continues to chug along, there has been an increase in the amount of available inventory available to purchase. Driven by the lure of high prices, Sellers brought 11% new listings to the market in May which led to an increase in pending and sold homes. 

The trend of double digit price increases continued. It was driven by Buyers offering over the asking price, however there are signs that this trend may be cooling some as inventory levels grew to a four week supply.

As mortgage rates continue to rise, affordability concerns for Buyers could cause a further shift in the market. All in all the market should continue to be good for the rest of the selling season and beyond. 

May 2022 Real Estate Report

May 2020 Denver Real Estate Market Report

May 2022 Real Estate Market Report

May 2022 Market Watch ReportMay 2022 Market Watch Report

Curious about what’s happening in your neighborhood? 
You can create a custom market report to see all active, under contract, and sold homes within your neighborhood! 

Considering selling or refinancing your home? Get an INSTANT property valuation now!

We're here to serve all your real estate needs. Contact us today!

Posted in Market Watch