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!
2020 proved to be one of the most challenging years in recent memory. With the ongoing pandemic, record unemployment, social and political unrest you would think that the Denver Real Estate Market would be adversely affected. You would be wrong. 2020 was no match for the Denver Housing Market. Records were set most every month showing that you just can't keep a good market down!
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Home Improvement Decisions You'll Never Regret
When it comes to home remodeling, there are very few design decisions you can make that are sure to stand the test of time. While it can be tempting to opt for trendy renovations (open shelving anyone?), there's no guarantee that they next buyer - or your future self - will share the same preference. We're all painfully aware that the future is tough to predict, but there are a handful of decisions you can make on home improvements that won't keep you up at night, regardless of market forces.
Infrastructure
When it comes to remodeling, there are fewer sure-fire bets than investing in a home's infrastructure. Investing in updated electrical and HVAC systems, siding, plumbing, insulation, and windows can yield tremendous ROI for homeowners whether they're dwelling or selling. These systems are often hidden behind walls and under floors, so they're easy to ignore. However, neglecting your home's infrastructure can lead to inconvenient and costly repairs and can be hazardous to your family's health and safety. There's a reason home inspectors spend most of their time in attics and crawlspaces – the overall health of your home has less to do with aesthetics and more to do with what's behind the scenes.
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In this month's New Home Community Spotlight, we look a The Canyons. The Canyons is a new residential master planned community located in Castle Pines, CO.
There are currently five new home builders developing The Canyons including Berkeley Homes, KB HOME, Shea Homes, Tri Pointe Homes and Infinity Home Collection. Toll Brothers just announced they will be joining the Canyons family of builders in the fall of 2021. The community has a nice line up of homes ranging from the upper $400's to the low $1,000,000's.
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City and County Building (At Civic Center Park) offers a wonderful holiday display to view by foot or car. It has been a Holiday Tradition since 1935!
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Colorado's home prices have continued to soar throughout 2020. Due to the increase, the new conforming loan limit has increased to $596,850. This is up from $510,400 in 2020. The new conforming loan limit covers the following counties.
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November proved to be another record setting month selling more homes than any other November on record. Throughout the month, 5,236 homes closed, which represented a 22% year over year increase!
Despite the fall month, pending homes reached 4,811 which reflected a 16% increase from this same time last year. For all the bad in 2020, Denver's housing market continues to be one of the few bright spots.
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This year has been nonstop uncertainty. The coronavirus pandemic led to shutdowns and major changes to our everyday lives. Those changes are likely to continue as we head into winter. Cities have been hard-hit, not only in terms of public health, but also economically.
Despite everything, the housing market is one thing that's been consistently strong this year. So, what do experts think next year will bring? Will that positivity hold steady, or are we in for a bust?
If inventory remains low into early 2021, it's possible that home prices will continue to go up. The median asking price for properties in September 2020, according to Realtor.com, was $350,000. That's up 11% compared to last year. Inventory has declined 39% year-over-year, despite a quick burst of new listings in August. Increased demand and a dwindling supply are great for sellers but not so much for buyers.
There has been a shift in interest away from urban areas, as many people are packing up to find homes with more space and less proximity to others. Some of the most popular areas in 2020 have included Colorado Springs, CO; Reynoldsburg, OH; and Rochester, NY. We could see continued flight from urban areas to suburbs in 2021.
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You can keep your home in top shape with simple tasks throughout the year. This month, be sure to:
1. Check your basement windows for drafts and/or cracked panes.
2. Check on supplies around the home that could will be helpful if there's a weather related power outage or other emergency. Batteries, non perishable food items, and blankets should be available.
3. Replace the filter on your furnace to keep it operating as efficiently as possible.
4. Clean faucet aerators and shower heads.
5. Reseal grout on counters, walls, and floors to prevent staining.
6. Drain approximately 2 gallons from water heater to eliminate sediment.
7. Make sure any decorative lights you put up for the holidays are working properly before hanging them. Anything with a frayed or damaged cord should be discarded.
As always, I appreciate referrals from my friends and past clients. If you know of anyone who is looking to buy or sell real estate, please send them my way!
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