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! 

June 19, 2024

Guide To Assessing and Replacing a Hail Damaged Roof

Home Insurance

Step-By-Step Guide to Having Your Roof Inspected and Replaced After Hail Damage 

It's that time of year and Colorado hailstorms can cause significant damage to your roof, leading to costly repairs or even the need for a complete replacement. If you're a homeowner dealing with hail damage, here’s a step-by-step guide on how to navigate the process of having your roof inspected and replaced by your insurance company.

1. Assess the Damage

Immediately after the hailstorm:

  • Safety First: Ensure your property is safe to inspect. Look for loose shingles, broken tiles, and other visible damages from the ground.
  • Document the Damage: Take clear, detailed photos of the roof and any other affected areas. This will be crucial evidence for your insurance claim.
  • Check for Leaks: Inspect your attic and ceilings for any signs of water intrusion.

2. Contact Your Insurance Company

Notify your insurance company:

  • File a Claim: Call your insurance company’s claims department to report the damage. Provide them with details of the damage and the date and time of the hailstorm.
  • Claim Number: Get a claim number for reference and write it down for future communications.

3. Hire a Professional Roofer

Find a reputable roofing contractor:

  • Local Experts: Choose a roofer who is experienced in hail damage and familiar with local building codes and regulations.
  • Estimates: Get multiple estimates to understand the extent of the damage and the cost of repairs or replacement.
  • Licensed and Insured: Ensure the contractor is licensed and insured to protect yourself from liability.

4. Schedule an Inspection

Arrange for inspections:

  • Insurance Adjuster: Your insurance company will send an adjuster to inspect the damage. Make sure to be present during the inspection.
  • Roofer’s Inspection: Have your roofing contractor present during the insurance adjuster’s visit to ensure all damages are accurately assessed and documented.

5. Review the Insurance Estimate

Compare estimates:

  • Insurance Estimate: Review the estimate provided by the insurance adjuster.
  • Roofer’s Estimate: Compare it with the estimate from your roofing contractor to ensure all necessary repairs are included.
  • Discrepancies: If there are discrepancies, your roofer can help negotiate with the insurance company to get a fair settlement.

6. Repair or Replace the Roof

Proceed with the work:

  • Approval: Once the claim is approved and you receive the payout, you can schedule the repairs or replacement.
  • Contract: Sign a contract with your chosen roofing contractor outlining the scope of work, materials to be used, and the timeline.
  • Permits: Ensure all necessary permits are obtained before starting the work.

7. Final Inspection and Payment

Complete the process:

  • Final Inspection: After the work is completed, inspect the roof to ensure all agreed-upon work has been done to your satisfaction.
  • Payment: Make the final payment to the roofing contractor. Your insurance company may require proof of completion before releasing the final payment.
  • Documentation: Keep all receipts, contracts, and documentation for your records.

8. Prevent Future Damage

Take preventive measures:

  • Regular Maintenance: Schedule regular roof inspections and maintenance to keep your roof in good condition.
  • Impact-Resistant Materials: Consider upgrading to impact-resistant roofing materials to minimize future hail damage.

Following these steps can help ensure a smooth process when dealing with hail damage and working with your insurance company to replace your roof. Remember, thorough documentation and choosing the right professionals are key to a successful claim and repair experience.

 

May 14, 2024

Market Watch April 2024

Denver Real Estate April-2024-Stats

Denver Metro Housing Market Offers More Options and Higher Prices For Buyers 

Exciting news for home seekers in the Denver metro region! The housing market is showing signs of improvement with a surge in available homes for sale.

April witnessed a notable increase in new listings, with a remarkable 6,095 homes entering the market. This marks a 26% surge compared to April 2023 and a substantial 22% increase from the previous month alone! This positive trend extends over four consecutive months, and year-to-date data for 2024 indicates a 15% uptick in new listings compared to the same period last year.

For buyers, this translates into a wider selection. With a total of 7,730 active listings at the close of April, this represents the highest inventory level since October 2019. This abundance means you're more likely to find a home that fits your criteria.

Despite the increased options, buyer demand remains robust. Home sales are climbing, with 3,837 closings in April across the 11-county metro area. This marks a slight uptick from the previous year and the third consecutive month of rising closings.

On the pricing front, buyers are facing higher costs. The median closed price for homes in the Denver area surged to a record high of $602,000 in April, a 4% increase from April 2023 and 1% higher than March 2024.

Another promising sign is the growing number of pending sales listings. This figure rose by 7% from March to April, following a substantial 27% increase from February to March. Pending sales listings serve as a leading indicator for future closings, indicating a potential continuation of strong sales activity in the coming months. Homes spent a median of 9 days on the market in April, one day longer than last year but 3 days quicker than the previous month.

REcolorado Denver Metro Market Watch April 2024

Market Watch Full Report April 2024

Additionally, the number of properties leased using REcolorado MLS saw a slight dip compared to April 2023 but was 20% higher than the previous month. The median rental price also experienced a modest 2% increase year-over-year. To meet growing demand, 412 new rentals were added to the market in April, marking a 20% increase from the preceding month.

The Denver metro housing market continues to evolve, offering both opportunities and challenges for buyers and renters alike. Stay tuned for further updates on this dynamic market!

April 2024 Metro Denver Real Estate Snapshot

Metro Denver Market Snapshot April 2024

Curious about what’s happening in your neighborhood? 
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April 19, 2024

Market Watch March 2024

March 2024 Denver Metro Real Market Watch

Denver Metro Housing Market: March 2024 Update

The Denver metro housing market is on fire, maintaining its hot streak throughout March as strong buyer demand continues to drive up sales and prices. Let's dive into the latest trends shaping the real estate landscape across the Denver Metro Area. 

Competition Heats Up

Buyer enthusiasm remained high, evident in the 8% increase in new contracts signed in March compared to the previous year. The numbers surged even more impressively by 33% from February, indicating a bustling spring season ahead. This surge in "homes pending sale" acts as a leading indicator, hinting at robust future closed sales.

Buyers are moving swiftly, with homes spending a median of just 12 days on the market in March—almost two weeks faster than February. This rapid pace underscores the growing urgency among buyers to secure properties before they vanish from the market.

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March 14, 2024

Market Watch February 2024

1-2024 February Market Stat Infographic

Denver Housing Market Shows Signs of Spring Activity

As we edge closer to spring, the Denver Metro housing market is already buzzing with activity, hinting at a robust buying and selling season ahead. With households hopeful for potential decreases in mortgage rates, optimism fills the air. Here's a closer look at the recent trends shaping the market:

Increased Inventory and New Listings 

Inventory levels in February surged, marking a significant 25% increase compared to the previous year. Remarkably, this uptick represents a staggering 176% rise from two years ago, largely fueled by proactive sellers bringing listings to the market. Data from REcolorado reveals a consecutive month of double-digit increases in New Listings, with sellers introducing 4,267 homes to the market.

Rising Demand and Prices

February saw both year-to-year and month-to-month increases in home closings, propelled by strong demand. Consequently, closing prices experienced an upward trajectory, with the median closed price reaching $575,000, a 3% increase from the same period last year. Homebuyers were notably active, executing contracts on 3,454 home listings throughout the month.

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Feb. 27, 2024

A Realtor’s Guide: How to Choose the Perfect Home Builder

Choosing The Perfect Home Builder

Tips To Finding The Right Home Builder

As a real estate agent, one of the most crucial steps in helping your clients achieve their dream home is assisting them in selecting the right home builder. Choosing the perfect home builder is paramount as it sets the foundation for the quality, design, and overall satisfaction of the property. Whether you're a seasoned home owner or just starting out, here's a comprehensive guide on how to navigate the process of selecting a home builder. 

·        Research, Research, Research: Begin by researching reputable home builders in your farm area. Look for builders with a solid track record of delivering high-quality homes on time and within budget. Utilize online resources, check reviews, and ask for recommendations from home owners. 

·        Verify Credentials: Ensure that the home builder is licensed, bonded, and insured. Verify their credentials with the relevant local and state regulatory authorities. A legitimate builder will have all the necessary permits and certifications in place, giving you peace of mind.

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Feb. 16, 2024

Market Watch January 2024

January 2024 REcolorado Maket Watch Infographic

Denver Metro Real Estate Market Update: January 2024

The Denver Metro real estate market has started the year 2024 with significant activity and notable trends that both buyers and sellers should take note of. Let's delve into the key highlights of January's market performance.

  • Increase in Inventory Levels

Home shoppers in the Denver Metro area were greeted with a boost in inventory levels in January, as sellers brought 3,414 fresh listings to the market. This marks a substantial 17% increase compared to last January and nearly twice as many listings as seen in December. Additionally, the inventory available for sale at the close of December showed a remarkable 167% increase compared to the previous year.

  • Challenges in Affordability

Despite the increased inventory, home affordability remains a challenge for buyers in 2024. Data from REcolorado reveals a significant year-over-year increase of 44% in listings priced at $1 million or more, while listings priced at $500,000 or less only saw an 8% increase.

  • Uptick in Buyer Activity

The Denver metro area witnessed a notable uptick in buyer activity, with 3,271 contracts executed on homes in January. This reflects a 6% increase compared to the previous year and a substantial 42% increase compared to the previous month.

  • Strong Performance in Luxury Market

Median home prices experienced significant gains, particularly in the luxury market, marking the biggest increase since April of 2023. Closings of homes priced at $1 million or more saw a notable 20% increase from last January.

  • Market Dynamics: Sellers vs. Buyers

Sellers are continuing to test the market with their pricing strategies, while buyers are showing resistance. In January, 48% of homes sold at less than the original list price, with an average price decrease of $21,000. Approximately 40% of homes actively for sale reflected an updated asking price lower than the original list price.

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Jan. 15, 2024

Market Watch December 2023

REcolorado Market Watch Inforgraphic December 2023

Denver Metro Housing Market Recap: December 23

As mortgage rates continued to fall, December witnessed a surge in home buyer activity in the Denver Metro area, marking a notable year-over-year increase. The number of listings pending sale saw a significant uptick, rising by 13% compared to the previous December.

Pending Listings and Closings: Homes spent a median of 30 days actively available in the REcolorado MLS before a contract was executed. Pending listings, considered a leading indicator, hinted at future closings expected in the next 30-60 days. However, Denver Metro home closings experienced a 5% decrease from the previous year, reaching the lowest level for any December in over a decade. This decline was attributed to a seasonal drop from November as buyers shifted their focus to holiday festivities.

Fresh Listings and Median Closed Price: Sellers introduced 1,739 new home listings to the market in December, marking the lowest number since the same period last year. The median closed price for Denver Metro homes at the end of the year settled at $550,000, a marginal decrease of less than 1% from the previous December and 3% lower than the preceding month. Interestingly, over half of the homes that closed in December sold for a price lower than the original list price.

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Jan. 11, 2024

Winter-Ready Homes: Top Tips to Prevent Frozen Pipes

Winter-Ready Homes Top Tips to Prevent Frozen Pipes

Battling The Chill: Protecting Your Home From Frozen Pipes This Winter

As the winter chill sets in across many areas of the United States, homeowners need to take proactive measures to protect their properties from the harsh weather conditions.

Frozen Pipe Covered In Ice

One common issue during colder months is the risk of frozen pipes, which can lead to costly damages and inconveniences. In this blog post, we'll explore essential tips to help you prevent frozen pipes and keep your home warm and cozy throughout the winter season.

  • Insulate Exposed Pipes: One of the most effective ways to prevent frozen pipes is to insulate them properly. Focus on pipes in unheated areas such as basements, crawl spaces, and attics. Use foam pipe insulation or heating tape to provide an extra layer of protection against the cold.
  • Seal Gaps and Cracks: Cold air can easily find its way into your home through gaps and cracks in walls, windows, and doors. Inspect your property for any openings and seal them with caulk or weatherstripping. This not only helps prevent frozen pipes but also improves your home's overall energy efficiency.
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Jan. 9, 2024

Home Buying and Selling Savings Tips

Mastering The Art Of Home Transactions

Mastering The Art of Home Transactions: Home Buying and Selling Savings Tips

Are you on the verge of embarking on a journey into the real estate market, either as a home buyer or seller? Navigating the complexities of real estate transactions can be a daunting task, but armed with the right knowledge and strategies, you can save both time and money.

Money Saving Tips

In this article, we'll delve into a myriad of savvy Home Buying and Selling Tips, covering everything from exploring mortgage options to negotiating closing costs. Whether you're entering the market for the first time or looking to optimize your selling experience, these insights will empower you to make informed decisions, potentially turning your real estate venture into a financially rewarding endeavor.

Let's embark on this journey together, unlocking the secrets to a successful and cost-effective home transaction.

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Jan. 4, 2024

2024 New Conforming Loan Limits For Colorado

2024 FHFA New Conforming Loan Limits For The State Of Colorado

Updated Conforming Loan Limits For Colorado

As Prices across the Denver Metro Area have continued to increase, the conforming loan limit set by the Federal Housing Finance Agency (FHFA) have been increased by 5.56%, reaching a maximum of $766,550 in 2024. In certain regions, the limit may be even higher. These updated limits are now in place for 2024.

The higher loan limit is great news for your buyers, potentially leading to lower interest rates whensecuring financing for higher-priced homes.

The increased limit along with the recent interest rate drops could increase your buying power for 2024. Please contact us so we can discuss your real estate goals with you and see how the recent change could help you achieve them.