As The Summer Temps Soar So Does The Denver Real Estate Market...

We are in the middle of the dog days of summer and the temps are as hot as the Denver Real Estate Market! Strong demand from Buyers continue to fuel the hot market with nearly 6,500 homes closed in June.  Pending home sales were also up from May as well.

The average sale price for a home reached another all time high in June at $642,167! Single family homes saw an average sales price of $725,000 which reflected a WHOPPING 30% increase from this time last year! 

Even with Sellers adding 7,671 new listings in June, strong demand from Buyers left only two weeks of available inventory by month's end.

More Market Stats 

The strong Sellers Market will continue for the foreseeable future. We are seeing a little relief in certain areas as some properties are seeing price reductions. Each neighborhood is different which makes it very important to have a local expert assisting you during this process. 

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

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

Contact us today to find out how we can be of assistance to you!

The sunshine in July can bring both joy and woe for the home gardener. With lots of heat and sometimes sparse rain, your carefully cared for lawn and garden can suffer without proper care. Here are four reminders or tips on how you can beat the heat in July and make sure your garden continues to thrive.

• Keep your grass long, and don't bag your clippings. Longer grass can withstand the heat better, and the nitrogen rich grass clippings will help fertilize the lawn.
• Don't let weeds get out of control. Most of these pesky plants thrive in hot temperatures and rob your gardens and lawns of water and nutrients.
• Remove faded flowers to promote reblooming on flowers. Remove any yard debris because it could harbor pests and insects.
• Reapply mulch in your flower beds to help conserve moisture.

Keep cool this July and enjoy the long days!

Our business depends on referrals from friends like you. Don't hesitate to contact us if you know someone looking to buy or sell real estate this year.

July  2021
Real Estate News
Brought to you by Scott Beard

For Builders and Buyers Lumber is a Bummer

Over the past several years we’ve seen real estate prices climb higher and higher due to a limited supply and an increased demand, but a new factor is pushing prices up even further: the skyrocketing price of building materials. So, what’s behind these increased prices, and, more importantly, when can we expect some relief?

We’re all painfully aware that the pandemic triggered widespread supply chain issues, and building materials have been no exception. Supplies of steel, aggregates, and cement have dried up, but the trend might be most noticeable when it comes to lumber.

Nearly every aspect of home construction necessitates lumber – framing, trim, doors, flooring, windows, railings, and cabinets. The pandemic shut down lumber mills across the country, and supply chains were slowed by a shortage of truck drivers. Low interest rates and a lack of existing inventory increased demand for new construction, and all that new construction increased demand for lumber. It’s a perfect storm of demand outpacing supply.

June 2021
Real Estate News
Brought to you by Scott Beard

Tips for Gardens Great and Small

Like the fabled “Victory Gardens” of WWII before them, urban and backyard vegetable gardens became a vital source of food and purpose for many people last year when world events threw supply chains into disarray. A year has passed, but interest in do-it-yourself food production has remained, and more and more DIYer's are getting into growing their own crops.

Your ability to grow fruits, vegetables and a variety of herbs at home depends primarily on just three things: climate zone, space available and your level of commitment. With plenty of warm days ahead, it's not too late to get started on a garden of your own.

Denver's Sizzling Real Estate Market Continues... 

If you have been watching the news you have probably heard that the real estate market is extremely hot. Denver's housing market continues to be one of the hottest in the country!

Year to date this has been one of the busiest on record. The numbers are staggering. May closings were up an astounding 55% compared to this time last year! New listings were down by 12% only adding to record low number of available inventory to purchase. May 2020 had 9 weeks of inventory while May 2021 dropped to only 2 weeks of inventory. 

With record low inventory and sky high demand the average closed price for a single family home rose by an astounding 26% closing at a price of $620,670! 

More Market Stats 

With the summer selling season upon us inventory will remain tight for the foreseeable future.  If you're thinking of buying or selling a home this summer, it's critical that you have a strong Realtor who knows how to navigate challenging markets and get you the winning bid. Call us today! 

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

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

Contact us today to find out how we can be of assistance to you!

The Long Wait is Finally Over...

Over the past Memorial Day Weekend, Southshore grand opened the long awaited second clubhouse and resort style swimming pool to much delight of the local residents. 

This impressive new facility features a splash park with a water slide, kiddie pool and a massive lap pool for the residents to enjoy.

The facility will also feature a fitness center with state of the art workout equipment as well as a workout studio for dance and yoga. 

There are a couple of large meeting spaces that are perfect for residents to rent out for hosting parties or special events. 

Another popular space is the game room with arcade games located on the lower level of the clubhouse. There is plenty of room to go and cool off after a long day in the sun enjoying the pool. 

Southshore was selected as the National Community of the Year when it first opened. Known for waterside living on the shores of the Aurora Reservoir, Southshore has rapidly become one of the fastest growing and most popular places to live in the southern metro area. 

Residents still enjoy the original Lakehouse club house and salt water pool located on the shores of the Aurora Reservoir. The clubhouse features a fitness center, movie theater and wonderful meeting spaces that are available to the residents to rent out for events and parties.

Other community amenities include multiple parks and trails, including access from the community to the nearly 8 mile Aurora Reservoir trail system. Another highlight is the Boat House at Senac Lake. Residents can enjoy canoeing or paddle boats on the lake or they can try their luck fishing. There is so much to do or see that you will feel like you're on vacation while at home! 

Denver Realty Pro has a long history with selling homes in the Southshore community having sold dozens of homes since it grand opened back in 2007.

If you are looking for a new community that is a step above the rest, you MUST take a look at Southshore. Would you like to tour this impressive community? Please contact us today. We would love to give you a private tour.  

20319 Vista Circle Parker, CO 80138

List Price $590,000

Denver Realty Pro, LLC is proud to announce our new listing in the Parker Vista community located in Parker, CO.  

Beautiful home in the highly desirable Parker Vista Neighborhood. Tons of updates throughout this stunning home. From the moment you take your first look, you're welcomed home with wonderful finishes. Extensive hardwood floor carries across the entire main floor. 

Enjoy cooking? The fully updated kitchen will not disappoint!  Features include granite countertops, tile backsplash, kitchen island and stainless steel appliances including a ceramic cooktop range, French door refrigerator, microwave and dishwasher. 

The open floor plan includes a formal living and dining room along with an eat in kitchen which is perfect for entertaining. Other highlights include second floor hardwood flooring, updated bathrooms and whole house plantation shutters. The master suite includes a large bedroom with vaulted ceilings, 5 piece master bathroom with walk in closet. 

The main floor laundry room includes a washer and dryer, upper shelving and a utility sink. The full unfinished walkout basement offers ample storage or room to grow and finish in the future. The property features professionally landscaped front and rear yards plus a covered front porch and covered deck with city and mountain views. 

Located just a few short blocks from Downtown Parker, O'Brien Park and the Parker Pace Center. If this sounds like the home you have been waiting for, then you MUST come see it before it's gone!  Wanna see more? Take a sneak peek below.

There will be an OPEN HOUSE on both Saturday May 29th and Sunday May 30th from 11:00am -2:00pm.

Showings start on Saturday  May 29th 2021. Please call Scott Beard at 720-935-9406 for more details or to schedule a showing! 

The long wait is finally over as the Aurora Family YMCA at The Wheatlands is now OPEN! 

The Aurora Family YMCA at The Wheatlands held their Grand Opening event over this past weekend.

To help celebrate the event food was provided by the We/Chef Kitchen food truck. To add to the festivities, music and a kids jump castle were available for everyone to enjoy before and after touring the facility. 

This wonderful new facility is located in The Wheatlands neighborhood at 6100 S. Kewaunee Way Aurora, CO 80016 located in SE Aurora, CO.

The Wheatlands residents have been very excited for this project to be completed for quite some time.

The YMCA is something that all the surrounding areas will be able to enjoy as well. 

After being welcomed by the friendly YMCA staff I was able to get a guided tour through this impressive new facility.

My first stop was to see the Child Watch facility. The highly trained YMCA staff  are available if you need someone to watch your young children while you workout.  

Our next stop took us to see the vast cardio section. What impressed me was the quality of the workout equipment. They feature Matrix cardio equipment including multiple, treadmills, bikes, elliptical machines, stair climbers just to name a few. 

The also featured the popular E Gym equipment that people were very excited about. 

There was a wonderful selection of Matrix Strength Training Equipment to choose from. If you prefer free weight training, you're in luck. They offer an extensive amount of free weights and bar bells to choose from. 

The tour continued with some of Group Specialty Classed offered by the YMCA. If you're into step aerobics or yoga they have your covered. They also have a Cycling Studio with spin bikes  You can take their classes or just go at your own pace. 

I was impressed to see the Pilates Reformer Studio which is something you don't  see in most gyms. Our last stop was to see the massive indoor lap pool and locker rooms. The YMCA offer swim lessons and also host some of the area youth swim meets. 

The YMCA offers several different membership levels that will work for most everyone's situation. 

If you're interested in exploring some of the amazing housing nearby to this impressive new facility, Please contact us.

We would love to show  around. 

What a Difference a Year Makes... 

Looking back to this time last year, we were in the grips of the lockdown created by the Corona Virus Pandemic. Fast forward a year and the year over year growth in the market is astounding!

The Spring Selling and Buying Season is now in full effect! Sellers are experiencing record home value growth while Buyers are still finding the road to home ownership very challenging. 

April 2021 was another record setting month with 16 new records being set including the average homes sales price jumping by 24% to an all time high of $621,147!

New listings were up by 38% in April, however Pending Home Sales were also up by a whopping 88% compared to this time last year. The heavy demand continues to keep the market as a VERY strong Sellers Market. 

Two other key factors show that the average days on market had dropped to only 13 days from listing to contract. 

The other key factor is that we only have two weeks of home inventory available to purchase. The lack of inventory will keep the market very competitive, with nearly 65% of the homes sold receiving offers over the asking price.

More Market Stats 

Having the right team in place to assist you makes all the difference while navigating challenging markets. Whether you're buying or selling call us today! 

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

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

Contact us today to find out how we can be of assistance to you!

May 2021
Real Estate News
Brought to you by Scott Beard

Buying Season is Back. Here's What to Expect. 

With peak buying season upon us, here's what analysts are expecting to see this year:

Increasing Mortgage Rates
It appears, depending on how the economic recovery progresses, that mortgage rates could continue to increase. Earlier in the year, rates were holding under 3%, but those rates have steadily increased over the past several weeks. As more and more Americans are vaccinated, it's expected that economic recovery will continue, and this will likely contribute to an upward movement in mortgage rates. If you're thinking of buying this summer, it may be in your best interest to lock in a rate as soon as possible.

Inventories Could Increase
Many home shoppers found the lack of inventory to be a major source of frustration during the past year. It was difficult - if not impossible - to find available properties, and when something went on the market, it was often scooped up in days or sometimes just hours.

Some analysts are expecting to see increased inventory this year. As more people become vaccinated and a general sense of stability returns, home sellers who were deterred from making a move in 2020 will be more likely to list their properties.

Millennial Movement
Another trend that could continue influencing the real estate market this spring and beyond is an increase in millennial buyers. Nearly five million millennials are set to turn 30 this year, and they now comprise the biggest segment of home buyers. In 2018, millennial homeownership was at record lows, but there's evidence that is changing.

Around 86% of younger millennials and 52% of older ones are buying their first homes, and some are buying luxury properties that are well beyond what you'd consider a starter home.

Millennials will likely drive the market throughout 2021. A survey from the National Association of Home Builders in the fourth quarter of 2020 found that 27% of millennial respondents planned to buy a home in the next 12 months, up from 19% the year before.

The Online Trends Are Growing
Online real estate services grew in functionality and popularity this past year.

3D home tours, virtual agent/broker teleconferencing, and online closings aided by tools like DocuSign are all ways that technology is facilitating a simpler home selling or buying experience. Regardless of the state of the pandemic, the convenience afforded by online real estate technology is here to stay.

Private Mortgage Insurance Explained

When a lender looks at a loan application, their main question is "what risk do I take on by issuing this loan?" Credit checks, bank statements, employment verification – all the documentation required when getting approved for a loan is in service of assessing what the odds are that the loan will go into default. This is why a down payment is such a crucial part of obtaining a home loan. When a borrower has a substantial down payment (20 to 30% or more), the lender's exposure is lessened in the event of a default.

This 20-30% figure used to be required, yet clearly this kept a lot of people from realizing the benefits of homeownership, especially first time buyers. That is until 1957, when Max H. Karl, a real estate attorney, founded Mortgage Guaranty Insurance Corporation and invented the modern form of private mortgage insurance.

PMI is designed to address the hefty down payment hurdle. Instead of coming to the table with 20% or more for a down payment, a private mortgage insurance policy allows consumers to buy and finance a home without a large down payment. With PMI, the borrower pays a small percentage of the total loan amount (0.3 - 1.5%/year) in addition to their mortgage and insurance payments. As an example, a $200,000 loan with a PMI rate of 1% will come out to $167 dollars extra a month for a borrower. It's not nothing, but for many it's a manageable trade off.

Yet sometimes PMI can get a bad rap, as something to be avoided at all costs. Until the end of the 90's this attitude was understandable – homeowners had limited resources to cancel PMI and were often stuck with it for the life of their loan. That changed with the Homeowners Protection Act of 1998. It required automatic termination of PMI when the loan balance reaches 78% of the original value through natural amortization. Borrowers can often drop their PMI even before reaching that 78% figure – once a borrower reaches 20% equity in their home, they can request a cancellation of PMI. As home prices continue to rise, borrowers build up equity in their homes faster, meaning they can often drop PMI payments earlier than they think.

If you're curious about buying a home for the first time, or you're wondering how the value of your home has changed over time, reach out to us. We have up-to-date market information to help you make decisions with confidence.