Denver home listings jump 33.6%, median home price up 5.1% (Parker, Castle Rock: 2015, to rent)

[Timmyy]

Zillow now has my house approaching $400K which is incredible since it was around $230K just a few years ago. Last year when I refinanced it the appraisal came in at $350K which was just about the same as Zillow. I know Zillow isn't the most reliable but I am amazed that it keeps going up. Last year we took money out of it to pay off student loans and lowered the term to 15 years. I really feel for new home buyers. One of the reasons I got out of California in 1999 was because I wasn't going to be to afford a home and now I am seeing the same trend here.

[DenverBound41]

Originally Posted by Willistonite

Your story sounds similar to ours. We kept our original house as a rental when we bought are new one.
We are up 100K but hard to sell because value keeps gong up plus we make $900 on rental per month over our payment.

Similar, we net about $850 month and would probably make about $175K if we sold. Our plan has always been to own rentals so we would probably look to invest in other markets with the cash. Take our chips off the Denver table and find better cash-flowing markets.

I honestly have no idea what to expect with the Denver market the next few years. I sure as heck wouldn't want to be a first time buyer in this market right now, but I've been saying that for the last 2 years and it keeps going up.

[skins_fan82]

Originally Posted by Timmyy

I really feel for new home buyers. .

Ain't that the truth. We first bought here in 2011, and then again in October 2014.

With the market where it is now, there's no way in hell I'd buy in this area.

[Hschlick84]

Once FasTracks opens up their North Line to the northern suburbs in 2018, you'll see the home values rise up substantially. More gentrification will happen also.

[skins_fan82]

Originally Posted by Hschlick84

Once FasTracks opens up their North Line to the northern suburbs in 2018, you'll see the home values rise up substantially. More gentrification will happen also.

Not to go off topic, but do you have a link for this? I've never heard of fasTracks. Thanks.

[Hschlick84]

FasTracks map

FasTracks System Map

North Metro Rail Line Facts

RTD

[denverian]

Originally Posted by Timmyy

Zillow now has my house approaching $400K which is incredible since it was around $230K just a few years ago. Last year when I refinanced it the appraisal came in at $350K which was just about the same as Zillow. I know Zillow isn't the most reliable but I am amazed that it keeps going up. Last year we took money out of it to pay off student loans and lowered the term to 15 years. I really feel for new home buyers. One of the reasons I got out of California in 1999 was because I wasn't going to be to afford a home and now I am seeing the same trend here.

We were smart... bought a little condo in Orange County in 1999, sold in 2005. Best investment I ever made! And the best sell... market crashed right after that.

We've had slow but steady growth in Stapleton. Hopefully with all the new retail development near our house this year, that will give it a good bump.

[whoisjongalt]

I sure wish I could have kept my condo downtown when I bought my house 3.5 years ago. It was only about 700 sq ft but would rent for about $1600/mo now. I'm not complaining though. My house has gone up almost 80% since then. I feel sorry for first time homebuyers. I was in that boat when I lived in California. A literal shack in Venice I rented after college sold recently for 1.1 million. I can't imagine Denver ever approaching that.

[anja7]

Originally Posted by Timmyy

I really feel for new home buyers. One of the reasons I got out of California in 1999 was because I wasn't going to be to afford a home and now I am seeing the same trend here.

ah yep. that would be us. we moved from CO back to the midwest this past fall because we could not stomach the thought of having to deal with bidding wars or paying through the nose for what would most likely have been a mediocre house.

[A White Raven]

I have seen this cycle happen several times in my life, now. I question how far the prices will go, since "affordable" housing doesn't seem to exist here any more. The last time this happened, a lot of people got stuck with homes that didn't appraise once the market "adjusted" itself. Now, the ones who stuck it out are finally starting to see a profit. The ones who left lost a bundle.

Plus, you have to consider the influence very expensive homes have on the market. They'll appreciate insanely, then drop just as fast. It's only a matter of time. The rest of the nation, and the economy, IMO, can't support this growth for long. The only buyer's advantage this time around is that the interest rates are low.

My parent's 900 sq. ft. home made it up to almost $300K the last time (2007). When Mom passed and I had to take care of Dad, I sold it for $175K (2010) and considered myself lucky.

Homes for sale are popping up like mushrooms after a monsoon. I think the median and below priced homes will still continue to sell like crazy for a while, but if more and more people put their homes on the market (like me), the mid to end of the summer might see a reduction in multiple offers. The nice ones still go quick, the others take some time.

I hope to take advantage of the situation, and hopefully not live to regret it in a few years. Only time will tell. Just some food for thought.

A White Raven