Hot or Not?

Here's Your Market Pulse
from Denver Metro Association of Realtors

While the headlines are correct saying the market is slowing and housing is softening.. I have a better headline, one that in the context of the DMAR Market Trends Data released December 5th is still correct.  That headline is WIN-WIN. This is a great market, in fact a winning market for both sellers and buyers.   

Sellers have been blessed with strong appreciation since 2012.  Some years double digit appreciation.  So if you are considering selling that home and moving into the home of your dreams or cashing out and optimizing your equity, now is the time.  We are starting to see a seasonal slowdown, a move towards a balanced market.

So as the market shifts (month over month median home prices slowed slightly by 1.25%, average home prices down by 1.64%) now is a great time to sell and take advantage of the equity in your home.  Year to date 2018 we have gained 8.68% on average; this is incredible wealth gain for any investment.

Sellers: there are still buyers out there!  In fact, last month 3,964 homes went under contract compared to 3,909 new homes listed.

Buyers: As a perspective, the current Freddie Mac average rate is 4.81.  One year ago, it was .91% lower.  That change in rates costs an average borrower 11% more every month in their monthly payment.  Freddie Mac is estimating rates will go up to 5.5% next year.  This in turn will cost a borrower 8% more every month.With future appreciation opportunities at today’s interest rates and prices, buyers have the opportunity to gain incredible wealth.  

This is not the time to sit on the sidelines; but jump in as buyer, seller, or both as we edge into a balanced market.

Need help figuring out where to take friends and family this holiday season?

Check out these great DECEMBER WINTER EVENTS!  DENVER CHRISTKINDL MARKET WHEN: Nov. 16–Dec. 23, 2018 WHERE: Skyline Park The Christkindl Market includes vendors from Germany and other countries, as well as local artisans, offering high-quality, handcrafted gifts such as traditional hand-carved wooden figurines, handmade candles and ornaments. Traditional German food will tempt your taste buds. Sip on warm Glühwein (hot spiced wine) as you listen to traditional Christmas carols and live German music. Entry is free and the entire family is invited to enjoy this great tradition!    ICE SKATING AT DOWNTOWN DENVER RINK AT SKYLINE PARK  WHEN: Nov. 20, 2018–Feb. 3, 2019 WHERE: Corner of 16th and Arapahoe Take a spin on the ice — for free! Grab your family and friends and head to 16th and Arapahoe in downtown Denver to the Downtown Denver Rink at Skyline Park in Downtown Denver! Skate rentals are $6-$8, or bring your own pair and skate for free. Free days for kids will take place throughout the season. Look for regularly scheduled entertainment and activities each week, including: Friday night DJs; Saturday morning skating lessons; Saturday night concerts; and Sunday afternoon family entertainment.   SANTA'S VILLAGE AT CHATFIELD FARMS WHEN: Nov. 23–Dec. 23, 2018 WHERE: Chatfield Farms Botanic Gardens Explore Chatfield Farms as it is transformed into a magical village. Santa's Village is a family-friendly holiday event including hayrides, holiday gifts, Santa’s Workshop and so much more.   A HUDSON CHRISTMAS WHEN: Dec. 7–9, 14–24 and 26–31, 2018 WHERE: Hudson Gardens & Events Center Bundle up for a visit with Santa at Hudson Gardens in Littleton. After sharing your list with Ol' Saint Nick, sip hot chocolate as you stroll the outdoor paths lined with trees decked with more than a million twinkling lights.   BLOSSOMS OF LIGHT WHEN: Nov. 23, 2018–Jan. 1, 2019 (includes Dec. 24, 25 and 31) WHERE: Denver Botanic Gardens Embrace the holidays with thousands of colorful lights draped in elegant designs at Blossoms of Light. The 2018 event will be brighter and bigger than ever before, with sound-reactive LED lights and carolers on select evenings. Warm drinks and tasty treats and seasonal entertainment will be available, and thousands of lights in the gardens' amphitheater are synchronized to your favorite holiday tunes.   ICE SKATING RINK WHEN: Nov. 23, 2018–Jan. 6, 2019 WHERE: Denver International Airport Got a flight to catch? Head to Denver International Airport a little early and enjoy a free spin around the airport's ice skating rink!   ZOO LIGHTS WHEN: Nov. 30, 2018–Jan. 6, 2019 WHERE: Denver Zoo Zoo Lights will span 70 acres of Denver Zoo's campus with nightly entertainment, animal encounters, Santa meet-and-greets and, of course, illuminated animal sculptures that swing through trees, jump across lawns, hide in bushes and appear in places where they’re least expected.   SCRAMBLIN' SCROOGE 1M/5K/10K & YOUTH FUN RUN 2018 WHEN: Dec. 15, 2018 WHERE: City Park Scramble along with Ebenezer Scrooge at this professionally timed race, which benefits Denver Children's Home. There's even a Scrooge costume contest to crown the best worst humbug of them all.

Did you know that the Denver Christkindl Market has been going strong for 14 years?  It is definitely a staple tradition that should not be missed.  I always feature it on my seasonal magnet mailer that goes out to past (and future!) clients.  Fun Fact: German Christmas markets date back to the 14th century. Originally, the fairs provided only food and practical supplies for the cold winter season, but soon the markets became a beloved holiday tradition and a great way to get into the holiday spirit.  If you're a Colorado resident and don't currently get my magnets, shoot me a quick email with your address and I will put you on the list!

So Denver got rejected as Amazon's Headquarters.... now what?

Denver, and other Amazon HQ2 rejects, could see even higher home value growth in the next year, experts says

Denver didn't get Amazon's HQ2, but what it may end up getting is higher-than-normal home value growth.

In the next year, a handful of metro areas that competed for Amazon's second headquarters are expected to outperform the national rate of home value appreciation, according to 2018 Q4 Zillow Home Price Expectations Survey.

Denver, Washington, D.C., Atlanta and Dallas were named as the four markets most likely to see this, according to the survey. All four were among the 20 finalists for the Amazon (Nasdaq: AMZN) HQ2.

"The quarterly survey, sponsored by Zillow and conducted by Pulsenomics LLC, asked more than 100 real estate economists and investment experts for their predictions about the U.S. housing market, including which three markets they believe are most likely to outperform the U.S., and which three are most likely to underperform in 2019," a release from Zillow Tuesday said.

Denver got the second-most votes for over performance in the survey, second only to Washington, D.C., a winner of HQ2. In addition, VEROS Real Estate Solutions is predicting that metro Denver home prices will rise by 9.5% from Fall to September 2019.

Nationwide, home values have increased 7.7 percent through the first ten months of 2018, while Denver has only seen a 6.2 percent increase, according to Zillow. Boston, a finalist for HQ2 and Washington, D.C., also lagged behind the national average rate so far this year, according to Zillow.

"Many of the candidate cities that were not ultimately selected could see spillover gains in 2019," said Zillow senior economist Aaron Terrazas.

Commercial development opportunities that had been proposed as sites for Denver's bid to get Amazon's HQ2 also remain on the market in many of Denver's suburbs such as Sterling Ranch, Commerce City, Lone Tree, Thornton and Louisville.

-Denver Business Journal

Winter is Coming! Are you Winterizing?

Temps are about to drop again on Sunday.  I ran across this winter prep list that might be helpful.  I always try to equip my buyers with inside tips and tricks not only for the home buying process, but also for those first years as homeowners.  Home upkeep can bring some hard (and expensive!) lessons, so being prepared and educated is always a good thing.  
This list is a good start, but I see a few things missing...... for example, running out the gas in your lawnmower.  Any others that you guys think this list missed?  Any (God forbid) horror stories!??

Happy Winterizing!

5280 Neighborhood Guide: East Colfax community promises eclectic eats, retreats, and history.

Sometimes change seems to happen all around you, but not to you. Such is the case in Denver’s East Colfax neighborhood, whose immediate neighbors—Lowry and Stapleton—have both recently received residential and commercial makeovers. Soon, though, the 684-acre enclave of East Colfax (the local neighborhood association embraced the name, instead of East Montclair, this past August) is poised for a transformation.

Last fall, the city of Denver purchased the defunct PT’s strip club at East Colfax Avenue and Valentia Street with hopes of turning it into a community gathering spot or an affordable housing development. And in November, Denverites approved a general obligation bond allotting $55 million for the East Colfax Bus Rapid Transit project, which will run along East Colfax Avenue between the Auraria Campus and the University of Colorado Anschutz Medical Campus. But the neighborhood already boasts a bevy of gems, including diverse eateries, inviting coffeeshops, and an attraction that no amount of development can alter: unique Colorado history.

Eat

During the past 20 years, East Colfax has become home to refugees from East African and Southeast Asian countries such as Somalia, Bhutan, and Myanmar. So in addition to long-standing Latin American restaurants like Tacos Acapulco (try the pupusas) and 7 Leguas Mexican Grill (get the tacos al pastor), flavor seekers can also enjoy authentic Ethiopian-style lentils and injera (flatbread) at Lucy Ethiopian Restaurant and Bar and pick up specialty groceries like jasmine tea and Thai durian crackers at Family Asia Market. For a caffeine fix, there’s Pablo’s Coffee. 

Play

East Colfax might not have a big, shiny community hangout like Stapleton’s Stanley Marketplace (yet), but it does offer a distinct community vibe all its own. The best place to find it? Quince Essential Coffee House, where java junkies can pair beans from Kaladi Coffee Roasters (Denver) and Jubilee Roasting Co. (Aurora) with board games and open mic nights. For more structured socializing, head next door to the Sprightly Escapes escape room: Your team of friends or colleagues will work together to break out of an old motel (fitting) or save the dinosaurs from extinction.

Explore

Between the decommissioned Air Force base in Lowry and the string of neon-signed hotels along the neighborhood’s main drag, East Colfax offers a one-of-a-kind glimpse into east Denver’s past and present. For a complete picture, consider a bike tour of the area, starting with the neighborhood’s northern border on Montview Boulevard. Head south on Ulster Street where, from the 1920s to the 1950s, the houses at 1740 and 1760 served as part of the Greeters of America Home—a guesthouse and gathering place for members of the hospitality industry. Continue south toward East Colfax Avenue along either Valentia or Trenton streets—welcoming residential roads dotted with classic Denver bungalows—and reward yourself with a cheap beer at the Hangar Bar. Opened by two Denver women in 1938, this time-honored dive was a popular hangout for Lowry pilots and military personnel during WWII.

-Jeff Waraniak, 5280 Magazine  

Denver Ranked Top 20 'Future-Proof' Markets in the World

According to HousingWire, recent research suggests that some of America’s most popular cities, including our own Denver, CO, are fully prepared to tackle long-term socio-economic and commercial real estate momentum, states Jones Lang LaSalle, the popular financial and professional services firm. 

JLL is the creator of the City Momentum Index, which covers 131 global major established and emerging markets and tracks factors that determine which cities have the strongest short-term socio-economic and commercial real estate momentum, and those that are more equipped for long-term success.

Short-term momentum is determined by both socio-economic and commercial real estate momentum. Economic output, population, investment transactions, transparency, construction, consumerism are factors in JLL's analysis.

According to JLL, future-proofed cities have higher education infrastructures, innovation capability, better environment quality, more technology firms and international patent applications.

The firm's analysis ranked the top 30 most future-proofed markets in the world, as well as those with short-term momentum. While Seattle was the only American city to appear on the short-term list, 12 American cities were among the top 30 most future-proofed markets globally.

San Francisco topped the list as the no. 1 city in the world to have the most sustainable long-term market with nearby Silicon Valley ranking second. Other major U.S. cities claiming spots on the list include New York, Boston, Los Angeles, San Diego, Chicago, Seattle, Austin, Denver(#10 in U.S. and #20 in the world), Washington D.C. and Philadelphia made an appearance on the list, which you can check out below: 

Denver Homes Sold Faster in April than anywhere in the U.S.

Homes in Denver sold faster in April than anywhere else in the country.

According to a new report by online real estate company Redfin, Denver was the fastest market in the country last month, with half of all homes pending sale in just six days. That was faster than Seattle (seven days), and San Jose, Grand Rapids, Michigan, and Tacoma, Washington (nine days).

Over the past year, Redfin estimated that the median home sale price has risen 9.2 percent in Denver to $415,000.

That's higher than the rest of the country, which saw the national median home sale price increasing 7.6 percent in April from a year ago, to a median of $302,200, according to Redfin's report released Thursday.

And Denver's near the top nationally in some other housing categories as well.

The metro areas with the lowest days on market were San Francisco at 19, Seattle at 21, and Denver at 23, according to Re/Max's National Housing Report, released Wednesday.

Denver is tied for markets with the lowest Months Supply of Inventory with Boise, Idaho, San Francisco, and Seattle, at 1.0. A six-months supply historically indicates a market that's balanced equally between buyers and sellers, according to the Re/Max report.

With the extremely low supply, sellers are still having a hay-day in the Denver Metro area.

-Denver Business Journal