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Old 12-22-2018, 04:04 PM
 
1,254 posts, read 925,777 times
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Quote:
Originally Posted by 2bindenver View Post
If you want or need to buy from now to mid March is good. Then Easter weekend, then August to Thanksgiving.
Im in the process of a new build and will be listing my current home in Jan. Back when we started the process in Feb this year my agent told me you dont want to list in the fall. All those around me that are listed are sitting there and the price has dropped.

Key Factors in this.

1. Interest rates hiking
2. Lots of people wanted to cash out and move up
3. Builders are offering a lot of incentives to close out the year

The economy in Denver is still very strong, unemployment is still the lowest in the nation.

The end of January will be interesting but should see an increase in activity.
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Old 12-23-2018, 08:53 AM
 
Location: Just south of Denver since 1989
10,903 posts, read 29,383,051 times
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Quote:
Originally Posted by sammy87 View Post
3. Builders are offering a lot of incentives to close out the year
Because it helps builders with profit and loss at the end of the year. Profit and loss is used by banks to determine the interest rate on their construction loans.

Would you be willing to reduce your profit by $15,000 if it means you save $250,000 in interest payments next year?
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Old 12-28-2018, 09:10 PM
 
Location: denver, co
101 posts, read 131,216 times
Reputation: 183
Quote:
Originally Posted by mundele View Post
Real talk – a house in our neighborhood (University) came up for sale in September that we were interested in. It’s a little bigger than our house and in a different school district, but not markedly different from our current place. The new one needs a fair amount of updating, while ours needs none. We put in an offer in late September which was accepted with a contingency on the sale of our place within two weeks.

We put our house on the market and had 20+ showings with good feedback, but nobody pulled the trigger on making a formal offer.

Our agent initially priced it a bit too high and after cutting the price by a bit, we had an offer at the end of our two week contingency. Those buyers backed out at the last minute, my guess is that they didn’t realize that buying a 1930’s house meant that there were materials in the house that were manufactured prior to 2010 .

We were about to pull our house off the market after that debacle when we heard that the seller of the house we were looking at *really* wants to sell it to us. We decided that we’re happy to keep ours on the market, they can keep theirs on the market, and our agents are staying in touch with each other. We’ll see who sells theirs first. We’re still getting regular showing requests and have had a couple other buyers come close and then change their minds.

We’re fine if our place doesn’t sell, and we don’t have interest in moving out of our neighborhood since we like our location and neighbors.

All that said, as I walk the dog through the neighborhood these past couple months, there’s not a lot of houses that are selling. I recognize that it’s typically a slow time of year and interest rates are starting to creep up, but the houses I see for sale are staying up for a lot longer than they used to, and my Zillow feed is showing a lot of price cuts. Whether this is seasonal or something bigger, who can say?
Update - a week after I posted this, we had two offers on our house on the same day, both a hair under our asking price. We went with the buyers who had great financing, knew what they were getting into with an older home, and had an agent who had a long history with our listing agent. Today we closed on the sale of our house and the purchase of the new one, which was the one we'd been eyeing since September. We were fortunate that our new house stayed on the market until ours went under contract and we were able to get a deal set up quickly.

A few other houses around my neighborhood have sold in the last month as well, though it's important to note that they were nice houses in good shape. The ones that are still sitting are priced too high, need a ton of work, and/or are weird enough that they'll need a certain type of buyer.

I'm interested to see what 2019 brings. The agents I sat with at the two closing tables today thought that things would get crazy again in the year to come. Me, I'm happy with the numbers I have for my old and new house, and am looking to settle into the new place for the foreseeable future.
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Old 12-28-2018, 09:15 PM
 
Location: Washington Park, Denver
6,937 posts, read 6,545,853 times
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Quote:
Originally Posted by mundele View Post

Me, I'm happy with the numbers I have for my old and new house, and am looking to settle into the new place for the foreseeable future.
Congrats. Thatís all that matters.
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Old 03-06-2019, 10:52 AM
 
24 posts, read 11,384 times
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Housing inventory has gone up quite a bit since this time last year. If inventory has gone up and wages have stayed relatively flat shouldn't prices start to fall significantly? The logic behind prices going up so much was that inventory was incredibly low... is the reverse true?
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Old 03-06-2019, 11:06 AM
 
1,254 posts, read 925,777 times
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Quote:
Originally Posted by SirJohnHarington View Post
Housing inventory has gone up quite a bit since this time last year. If inventory has gone up and wages have stayed relatively flat shouldn't prices start to fall significantly? The logic behind prices going up so much was that inventory was incredibly low... is the reverse true?
Demand is still high. Prove that wages are the same.

I sold my home in 2 weeks at asking. We averaged 5 ppl/day w/ showings.
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Old 03-06-2019, 11:23 AM
 
24 posts, read 11,384 times
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Quote:
Originally Posted by sammy87 View Post
Demand is still high. Prove that wages are the same.

I sold my home in 2 weeks at asking. We averaged 5 ppl/day w/ showings.
Wages have gone up a little, but I think low inventory mostly drove up home prices the past few years. I have been thinking of buying a home but was burned pretty badly during the housing bubble and am hesitant as a result.

Data Shows Colorado Wages*Struggle to Keep Pace with Inflation*

Last edited by SirJohnHarington; 03-06-2019 at 11:32 AM..
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Old 03-06-2019, 12:19 PM
 
Location: Denver, CO
760 posts, read 588,107 times
Reputation: 1482
Quote:
Originally Posted by SirJohnHarington View Post
Housing inventory has gone up quite a bit since this time last year. If inventory has gone up and wages have stayed relatively flat shouldn't prices start to fall significantly? The logic behind prices going up so much was that inventory was incredibly low... is the reverse true?
Well just taking a look at Zillow listings, I would say that it's already happening to some extent.

More than half of the homes I've been watching are going through price reductions. Sometimes upwards of 50K at a time. I see a lot of homes in Barnum, Sunny Side, and West Colfax that were bought last year for the mid 200s, re-listed for mid 400s, then sold for less than 325k. There are even homes that were purchased less than 6 months ago being listed for 3X what they were purchased at.

I know Zillow isn't a real source of real estate data, but it's been interesting to watch.
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Old 03-06-2019, 01:13 PM
 
Location: Chicago 'burbs
98 posts, read 40,983 times
Reputation: 135
It will take years for prices to go down significantly ...big IF, perhaps prices will plateau

for prices to go down significantly you need +10K inventory combined with some national economic recession

Think about it; why would people sell their home at a discount if they don't have to
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Old 03-06-2019, 01:58 PM
 
1,254 posts, read 925,777 times
Reputation: 1438
Quote:
Originally Posted by Di3s3l_Pow3r View Post
It will take years for prices to go down significantly ...big IF, perhaps prices will plateau

for prices to go down significantly you need +10K inventory combined with some national economic recession

Think about it; why would people sell their home at a discount if they don't have to
Exactly! Tie that in with an influx of boomers retiring and CA transplants. We are moving to a new build and every time I am in the sales office there is someone from CA.

Denver didnt have the downturn either. Its a desirable place to live. good economy.

Also land is limited. Nobody wants to live too far east. You can run north or south but that puts you further away from Denver, Boulder, mountains. Living in the foothills has its own challenges so expect housing to stay at a premium.

Also, I will say that homes in Denver are not that impressive. The cheesy orange peel on the dry wall, tiny lots, they all look idnetical. The older homes built in hte 70's+ those neighborhoods have nice mature trees but the homes dont seem like they held up well.

Last edited by Mike from back east; 03-06-2019 at 02:31 PM.. Reason: Merged 2:1
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