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Old 06-16-2014, 11:20 AM
 
Location: Denver, CO
898 posts, read 994,192 times
Reputation: 1366

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Quote:
Originally Posted by Mike from back east View Post
Article today says increased FHA fees are pricing some first time buyers out of the market. Has anyone seen that in the Denver market?


Excerpts:

"... a dental hygienist said she planned to purchase her first home with a mortgage backed by the FHA, whose mandate is to help lower-income buyers. ... she found out that the FHA since 2010 had more than doubled its mortgage insurance fees, adding $340 a month to her payments instead of $125 a month. That was a deal killer...."

"... FHA boosted its fees after a surge in defaults during the housing crash depleted its capital reserves. The increases, which have helped replenish the FHA’s coffers, have also prevented hundreds of thousands of first-time purchasers from getting FHA loans, ..."
It's taken a toll on us in the form of going for a conventional loan instead of FHA. The terms were MUCH MUCH better. But we are in good enough shape to be approved for a conventional 5% down. If we weren't I'm sure we would have never taken the FHA terms
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Old 06-16-2014, 12:48 PM
 
Location: Just south of Denver since 1989
10,920 posts, read 29,431,570 times
Reputation: 7153
Default Maybe Mike should hide Denver forum?

Reader: We need to make Colorado seem less attractive so people will stop moving here | Westword
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Old 06-22-2014, 07:07 PM
 
9 posts, read 13,210 times
Reputation: 10
Please explain the Denver real estate market for me. I'm seeing active listings in the Denver area market of modest houses built in the late 1800's listing for exorbitant prices ($400k- 2.5 million and above) that current household income demographics do not even begin to support (Only 2.5% of the households in Denver metro area make $200k or more. At 40% of your net income, you would still only be able to afford around $500k for a house. I understand that inventory is probably the lowest of any state at the moment, but even low supply doesn't justify exorbitant prices that no one can afford. Plus, I see plenty of properties sitting on the market for ridiculous lengths of time. Does no one want to sell their house? This market makes no sense at all to me. Please enlighten me.
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Old 06-22-2014, 07:17 PM
 
9 posts, read 13,210 times
Reputation: 10
Default Tell the truth about Denver

Or maybe Colorado's Tourism board needs to tell the truth about Denver being a gritty, ugly, decaying boring town instead of painting a patently false picture of some Rocky Mountain skiing paradise. Also, if Denver would stop generating high tech jobs, it would definitely discourage people from relocating here.
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Old 06-22-2014, 07:23 PM
 
9 posts, read 13,210 times
Reputation: 10
Default Appreciation?

Quote:
Originally Posted by 2bindenver View Post
While Denver’s problematic inventory numbers have complicated the market, there has been one upside: appreciation. Denver homes continue to gain value at a rapid rate.

Denver Real Estate 2014 | 5280
Yes, but the current Denver metro area household income statistics don't begin to support this "appreciation," such as modest homes built in the 19th century in what are now clearly lower-income neighborhoods listing for 1/2-million dollars.
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Old 06-22-2014, 07:24 PM
 
Location: Washington Park, Denver
6,978 posts, read 6,584,553 times
Reputation: 7521
Quote:
Originally Posted by 3asurvivor View Post
Yes, but the current Denver metro area household income statistics don't begin to support this "appreciation," such as modest homes built in the 19th century in what are now clearly lower-income neighborhoods listing for 1/2-million dollars.
Do they in the Bay Area or Manhattan? I haven't looked but am curious.
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Old 06-22-2014, 07:47 PM
 
Location: The Berk in Denver, CO USA
14,057 posts, read 20,404,877 times
Reputation: 22845
Default Don't let anecdotal info sway you

Quote:
Originally Posted by 3asurvivor View Post
see plenty of properties sitting on the market for ridiculous lengths of time.
"The average days on a market for a single-family home was 32"
DMAR: Home prices rise | Inside Real Estate News

Inventory is tiny.
"The Denver-area had less than a half months worth of supply of unsold homes on the market in May,"
RE/MAX: Denver lowest supply of homes in U.S. | Inside Real Estate News

No one seems to have any idea why inventory is low.
That is driving up prices, however.
The real-estate agents are going crazy as they need transactions to survive.

I think (no data that I can find) that some of the pricing is predicated on Boomers downsizing with cash to buy. That describes my wife and me.
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Old 06-23-2014, 09:27 AM
 
5,444 posts, read 4,866,666 times
Reputation: 15033
This is just my opinion, but I wonder if Denver's market is turning into the type of market seen in Los Angeles. Salaries aren't that different between the two cities, yet real estate in LA is much higher. Because of the popularity of Denver, do you all think we will reach these LA prices?
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Old 06-23-2014, 12:33 PM
 
20,923 posts, read 39,233,384 times
Reputation: 19222
Quote:
Originally Posted by headingtoDenver View Post
This is just my opinion, but I wonder if Denver's market is turning into the type of market seen in Los Angeles. Salaries aren't that different between the two cities, yet real estate in LA is much higher. Because of the popularity of Denver, do you all think we will reach these LA prices?
No, I rather think we'll avoid the L.A. price levels because:
- We don't have an ocean
- We don't have Hollywood and the kind of money that bids up prices insanely.
- We don't have space constraints of the L.A. Basin, we can expand a lot, just need water.
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Old 06-23-2014, 01:06 PM
 
Location: Just south of Denver since 1989
10,920 posts, read 29,431,570 times
Reputation: 7153
Top-tier homes in Denver increased 5.5 percent, while bottom tier declined 1 percent, the report said.
"Persistent inventory constraints at the low end of the market continue to make it a tough environment for first-time and lower-income homebuyers," Humphries said.
Rents in Denver also continue to climb, up by 6.9 percent year-over-year to an average of $1,676. Nationally, rents were up 2.3 percent year-over-year to an average of $1,310.


Upsurge in Denver area house prices continues - Denver Business Journal
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