Tips To Get Your Home Ready For Spring

Spring cleaning is a great way to freshen up your home after a long winter and get ready for the warmer months ahead. Here are some tips to help you tackle your spring cleaning:

• Make a plan: Before you begin, create a checklist of all the areas in your home that need to be cleaned. This will help you stay organized and ensure you don't forget anything.

• Declutter: Get rid of anything you no longer need or use. This can be a great opportunity to donate or sell items you no longer want.

• Start from the top: Begin cleaning from the top of your home and work your way down. This will prevent dust and debris from settling on areas you've already cleaned.

• Dust everything: Dust all surfaces, including shelves, window sills, and light fixtures. Use a microfiber cloth or a duster to ensure you capture all the dust.

• Deep clean carpets and rugs: Vacuum carpets and rugs thoroughly, and consider renting a steam cleaner for a deep clean.

• Clean windows and mirrors: Use a glass cleaner and a lint-free cloth to clean windows and mirrors. Make sure to clean both sides of the windows.

• Scrub bathrooms and kitchens: These are the areas that tend to accumulate the most dirt and grime. Scrub the sink, toilet, shower, and bathtub in the bathroom, and clean the stove, oven, and refrigerator in the kitchen.

• Launder linens: Wash all bedding, towels, and curtains to get rid of any dust or allergens.

• Organize your belongings: Reorganize your closets, drawers, and cabinets to make the most of your space.

• Finish with a fresh scent: Use an air freshener or burn a scented candle to give your home a fresh, clean scent.

Remember to take breaks as needed, and don't try to tackle everything at once. Spring cleaning can be a big job, but it's also a great way to start the season off on the right foot.

Download our helpful Spring Cleaning Checklist to keep track of your progress! 

Strong Start To The Year

The Denver Metro housing market experienced a strong start to the year with an uptick in both buyer and seller activity. Pending listings increased nearly 50% from December 2022, indicating increased closings in the upcoming months.

Standing inventory, or the number of home listings actively available for sale at the end of the month, returned to pre-pandemic levels in January. Buyers have more inventory to consider and are taking their time to execute offers.

Although sellers brought 69% more New Listings to the market than we saw in December, inventory levels remain low, especially in the more affordable price ranges.

Median Closed prices have been declining steadily following their peak in the spring of 2022. They dipped again in January and are now 14% lower than the 2021 peak. Home prices are staying in check as buyers exercise their negotiating power. In January, the median closed price was 4% lower than the median list price.

The metric for Days in MLS, which is the number of days it takes a listing to go from Active to Pending, shows home shoppers are taking their time to make home-buying decisions. In January, shoppers took a median of 5 weeks to execute a contract on a home.

If you're in the market to purchase or sell real estate in 2023, make sure to give us a call. We would love the opportunity to assist you with your real estate needs. 

January 2023 Real Estate Report

January 2023 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

Interest Rates and Real Estate

The impacts from historic inflation continue to be felt by consumers especially when filling up your tank or going to the grocery store. As the Fed continues to raise interest rates to tamp down inflation, the impacts can also be felt in the rates you pay on your credit cards as well as the rates lenders charge to purchase or refinance real estate. 

Interest rates play a significant role in the real estate market. 

The following are some ways that interest rates can impact the real estate market:

• Home affordability: When interest rates are low, it becomes more affordable for people to buy homes as the cost of borrowing money to purchase a home is lower. On the other hand, when interest rates are high, it becomes more difficult for people to afford to buy homes.

• Home sales: Low interest rates can stimulate home sales as more people can afford to buy homes, which in turn can drive up demand and prices. High interest rates can have the opposite effect, slowing down home sales and dampening demand.

• Refinancing: Low interest rates can encourage homeowners to refinance their mortgages to take advantage of lower monthly payments and lower borrowing costs. This can free up some extra cash for them to spend, which can boost the economy.

• Investment: Low interest rates can make it less attractive for investors to invest in bonds and other fixed-income securities, causing them to look for alternative investments like real estate. This can drive up demand and prices for real estate investments.

Overall, interest rates play a significant role in determining the health of the real estate market and can have a significant impact on home sales, affordability, and investment. 

Rates are always changing so it is important to stay informed on the current rates and market conditions. 

If you're thinking about purchasing a home in 2023, make sure to give us a call. We would love to sit down with you and come up with a strategy to help you reach your real estate goals. 

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.

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! 

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.

Fannie/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.

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! 

December 2022 Real Estate Report

December 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

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.

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."

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.

These 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. 

It's important to note that this buydown program is not suitable for all borrowers and the reduced interest reate is only temporary. It's important to carefully consider the terms and conditions of this program and discuss it with a financial advisor before making a decision. 

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. 

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

November 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!

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

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.