April 2022
Real Estate News
Brought to you by Scott Beard

How Does Inflation Affect Home Prices?

If you've followed the news lately, you've probably seen quite a bit about inflation. The consumer price index jumped 0.8% in February, bringing the total increase over the last 12 months to 7.9% – this is the largest annual jump in the last 40 years.

So, how does all of this affect the real estate market?

The Inventory Issue
Interest rates have been kept low for so long it's created a bubble for everything and not just the housing market. There's also inflationary pressure on the housing market because of limited inventory. Limited inventory stems from a myriad of problems in the industry.

First, many homeowners aren't putting their houses on the market. This is due to factors like lockdowns, but also the fear they won't be able to find a new home to buy.

There are construction delays due to supply chain bottlenecks as well.

Low inventory means buyers are often having to put in bids well above asking to get properties, creating a frustrating situation, to say the least.

Waiting To Purchase a Home Could Cost You BIG! 

Over the past few years the Denver Metro Area has experienced a HUGE housing boom leading to very low inventory and record home prices. Low interest rates and strong consumer confidence has driven the market and made home ownership almost out of reach for some Buyers.

The delima is to purchase now or wait. With interest rates on the rise and prices still going up each month the question is can you really afford to wait?

The chart above dives deeper in the true cost of home ownership. It compares the past three years and also looks a the trends heading into next year. The data is eye opening.

If you have been on the fence on whether to purchase this spring or wait. NOW is the the time. Don't delay. Waiting to purchase will only cost you thousands of dollars in the future. 

If you would like to discuss your options please contact us today. We would love to hear from you and get you on the road to home ownership. 

Consider Your Down Payment

Almost all home buyers will have to come up with a significant down payment, typically 20% in today's market, in order to qualify for a traditional mortgage.

A down payment can come from many places: savings, investments such as stocks and bonds, gifts from relatives, company bonuses, equity in other assets, and life insurance policies, to name a few.

If you currently own a home, you may want the equity you have built in that house to serve as the down payment on your next home.

But how much is your current home worth? Get an INSTANT property valuation now!

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! 

In today's real estate market, having an experienced Realtor makes all the difference. Please contact us today. We're available to help.  

VERY Strong Sellers Market Continues...

The Denver Metro Area real estate market continues to be squrely in the grips of a VERY strong sellers market. Buyer demand continues to outpace available inventory leading to record prices and rapid sales. 

The lack of inventory is affecting the number of closed homes and pending listings. Both were down compared to this time last year. The high demand for homes has pushed the median home price to $575,000 up 22% to this time last year! 

Homes priced between $600-$800,000 are very hot. They saw an increase of 39% compared to this time last year! 

The Denver Metro Area real estate maket has only 2 weeks of inventory meaning competition will remain fierce for the few available homes for sale. 

If you're looking to buy a home expect to see more of the same. Multiple offers (all well over the asking price) and limited contingenices still remain. 

Help may be on the way. The Spring Selling Season is just around the corner. More homes are expected to come to market which will help increase chances for weary buyers. 

February 2022 Market Watch Report

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!

March  2022
Real Estate News
Brought to you by Scott Beard

What is Title Insurance

From contract contingencies to encumbrances, the home sale and purchase processes bring with them a new vocabulary. One of the processes that most first-timers find confusing is the title company’s role in a real estate transaction. Let’s try to clear up the confusion.

A title company serves two main functions in the real estate transaction. Its first role is that of facilitator for the closing. A title company manages the numbers, works up the settlement structures, and disburses the funds from the escrow account at closing.

Performing a title search and issuing a title insurance policy is a title company’s second function. When you borrow money, the lender requires that you buy a lender’s title insurance policy.

"Title insurance is a type of insurance policy meant to protect home buyers, as well as lenders, from any damages or losses caused by a bad title. Most title insurance policies cover all the common claims filed against a title, including outstanding liens, back taxes and conflicting wills."

Getting Familiar with Market Activity

If you're considering selling your home, one of the things you may want to do is stay up-to-date on real estate sales in your local market. The more you know about what kind of homes are selling, the better feel you'll get for the market value of your home.

You can create a custom market report to see active, under contract, and sold homes in your neighborhood! 

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

Please don't hesitate to contact us today so we can get you setup on a customized property search and/or setup a private meeting to assess your home.

February  2022
Real Estate News
Brought to you by Scott Beard

Selling your home this spring? Here's your winter to-do list. 

Planning to sell your home this spring? While this winter is expected to bring a record-breaking number of buyers to the market, spring will bring more inventory and more competition.

Why wait until just before your home goes on the market to prepare it? There are plenty of things you can do right now that will cut down on the time and effort you’ll need to spend in the spring.

Have your Home Inspected
One of the most common reasons a home sale falls apart or is delayed is because of problems that the buyer learns about after the home inspection. Typically, price negotiations will reopen, but if the problems are beyond the buyer’s budget, they may just walk away from the deal.

If you have your home inspected now, you will not only avoid unpleasant surprises in the middle of the transaction, but you'll have the rest of winter to get any repair projects out of the way. Chip away at these projects steadily and by spring your home could be in good shape.

The pre-listing home inspection isn't a must, but if you’re concerned about any problems the home might be hiding, it’s best to bring them to light now.

New Year Same Old Story For Buyers...

With a dawn of a new year, buyers were hopefull that this would be the year to finally get a home. Well the same old challenge remained for potential buyers.VERY low inventory causing prices to spike upwards to a median home price of $541,838. That's up by 19% compared to this time last year.

Although there were more new listings come to market compared to December 2021, it wasn't enough to keep up the early damand for 2022. 

The lack of inventory has pushed down most of the metrics down. New listings were down 16%. Pending sales were by 11% and the closed homes were also down by 9% compared to this time last year. 

The Denver Metro Area real estate maket still only has 2 weeks of inventory keeping it a VERY stront Sellers market. 

If you're looking to buy a home expect to see more of the same. Multiple offers (all well over the asking price) and limited contingenices still remain what sellers are expecting when selling their homes.  

January 2022 Market Watch Report

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!

Another Incredible Year In The Books

As we reflect back on 2021 one thing stood out. Demand for homes has never been higher. Huge Buyer demand and record low interest rates drove the metro Denver real estate market throughout the entire year. 

The number of new listings struggled to keep up with demand.  Supply hovered at near records low causing a dip in the number of homes sold vs 2020.

Sellers continued to benefit from a very strong Sellers market. Those homeowners who chose to put their homes on the market saw prices skyrocket. The Average home price climbed 17% to over $610,000. Buyers experienced fierce competition with most homes receiving multiple offers way over asking price with many as all cash offers. 

The average home sold in two weeks or less with many in 3 days or less. 

Most forecasters expect the spring selling season to start earlier than ever as Buyers try to beat the rush of expected competition. Another factor heading into the new year is the expectation that interest rates will rise substantially throughout 2022. Want to see more details? Download the full market watch report below. 

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

Are you considering selling or refinancing your home? Get an INSTANT property valuation now!

Need Assistance? Contact us today. Let us make your next real estate experience your best experience yet! 

December  2021
Real Estate News
Brought to you by Scott Beard

Growing Your Winter Herb Garden

Now that winter weather has descended on much of the country, there are still loads of things a homeowner can grow to keep the freshest of ingredients available for winter culinary adventures.

Basil, chives, mints and parsley are just a few herbs that do very nicely in pots with bright indirect light. It might surprise you to know you don’t need direct sunlight for growing most herbs; the indirect light most of us get will work fine.

East-, south- and west-facing windows should all give your herbs enough light, especially if you set up a small table or use a counter that keeps plants about a foot away from window glass.

Start with a few basics, such as oregano, thyme, parsley, basil and rosemary. Then add a few others that your family particularly enjoys in their favorite meals. Cilantro? Dill? Chives?

Check your garden center for high-quality seeds or for healthy and vigorous-looking starter plants. It’s also worth checking to see if there’s a selection of starter plants in your grocery store’s produce section.

If your herb garden is in your kitchen, the plants should get some additional humidity from your use of the sink or dishwasher. If not, lightly mist them with a water spray bottle.

Top Benefits of Installing a Tankless Water Heater

As is the case with most household appliances, modern technological advancements can result in massive improvements. Here are the top benefits of installing a tankless water heater in your home:

Save Money on Your Energy Bill
With a conventional water heater, hot water is stored inside the tank. In theory, this keeps a ready supply of hot water on hand for immediate use, but the fact is that the hot water just sits around when not being used. This is not only a complete waste of energy; it also costs you extra money at the end of the month on your energy bill.

Tankless Is Better Than Conventional
A tankless water heater does not store hot water for later use. Instead, a tankless water heater only produces as much hot water as a person needs. In other words, when the hot water faucet is turned on, the tankless unit provides the exact amount of hot water dispensed until the faucet is turned off. With the installation of a tankless unit in your home, you never need to worry about running out of hot water again during a shower.

The Single Biggest Flaw of Conventional Tank Water Heaters
One of the biggest problems with conventional tank water heaters is leakage. No matter how fancy of an electric water heater you buy, the unit will start leaking as time takes its toll. After all, these are constantly filled with water day in and day out for a period of years. A tankless water heater, on the other hand, doesn't store water, and, therefore, will never leave you a big mess to clean up—because there's nothing to leak!