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Old 03-08-2019, 05:51 PM
 
23,068 posts, read 42,210,774 times
Reputation: 23525

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Quote:
Originally Posted by Timmyy View Post
I feel for your millennials that can't buy in this market. It sucks. I have been there though before I moved to Colorado. I grew up in San Diego and there was no way I was going to be able to buy a home there without a lot of help. Wages definitely need to catch up to COL.
Article in today's WaPo indicates that more millennials are now buying homes.
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Old 03-10-2019, 10:06 PM
 
44 posts, read 32,127 times
Reputation: 54
Quote:
Originally Posted by 2bindenver View Post
That would depend on the buyer financing. There is not a one size fits all in Colorado contracts.

Out of 9 closings so far this year, 5 appraised at contract price, 3 appraised over asking and two less than asking. One of the two was $750.
Thanks for the response... This makes me feel a little more optimistic about the house hunting process.
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Old 10-11-2019, 12:11 PM
 
Location: Colorado...
682 posts, read 918,588 times
Reputation: 930
"Seller's market" doesn't always mean rising prices, and it looks to me like an inflection point in the Denver stats (upward short and longer term trend in active listings, with demand as expressed in "month end sold" having not gone up with the increase in supply. Seeing the same thing in Colorado Springs where in the last month or so, price cuts are coming across the board as demand is dipping at current levels, and inventory is also growing, especially in the $500k+ inventory...

My advice to any buyers who have felt let out of the fun: keep your eye on these trends, and you may be rewarded with more choice and possibly lower costs in the next year.
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Old 10-12-2019, 10:17 AM
 
Location: Just south of Denver since 1989
11,485 posts, read 31,099,620 times
Reputation: 8109
Quote:
Originally Posted by Westbound and Down View Post
My advice to any buyers who have felt let out of the fun: keep your eye on these trends, and you may be rewarded with more choice and possibly lower costs in the next year.

Best day to buy this year is the day after Thanksgiving. Next year, before the middle of February or March, depending on the Broncos and the weather. Then Easter weekend. After that, wait until August. And repeat.
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Old 10-12-2019, 02:24 PM
Status: "Looking forward to President Harris" (set 29 days ago)
 
Location: Berkeley, Denver, CO USA
15,658 posts, read 23,554,470 times
Reputation: 26901
Quote:
Originally Posted by 2bindenver View Post
Best day to buy this year is the day after Thanksgiving. Next year, before the middle of February or March, depending on the Broncos and the weather. Then Easter weekend. After that, wait until August. And repeat.
I think that the Tuesday BEFORE Thanksgiving is the best day to make an offer.
If the seller accepts, then they get to enjoy a relaxing turkey day.
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Old 10-15-2019, 08:40 AM
 
2,763 posts, read 2,613,470 times
Reputation: 5322
Quote:
Originally Posted by Westbound and Down View Post
"Seller's market" doesn't always mean rising prices, and it looks to me like an inflection point in the Denver stats (upward short and longer term trend in active listings, with demand as expressed in "month end sold" having not gone up with the increase in supply. Seeing the same thing in Colorado Springs where in the last month or so, price cuts are coming across the board as demand is dipping at current levels, and inventory is also growing, especially in the $500k+ inventory...

My advice to any buyers who have felt let out of the fun: keep your eye on these trends, and you may be rewarded with more choice and possibly lower costs in the next year.
Next year should be very telling.

Still going to be a major seller's market, but the days of prices going up insane amounts every single month with multiple offers is behind us IMO.
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Old 10-15-2019, 09:55 AM
 
572 posts, read 202,521 times
Reputation: 960
Quote:
Originally Posted by Mike from back east View Post
I think a lot of us were required or chose to put it off longer than our parents' generation did.

My parents bought their first home in their early 20s for around $30k.

They bought their 2nd home in their 30s for around $45k.

And they bought their 3rd and current home in their 40s for around $75k. It's now worth an estimated $200k+, which really is pretty good for the area they live in.

Neither of them went to college, mind you.

Many of us are graduating college with tens of thousands in debt right off the bat to start our adult lives. It'd have been great to buy a home a decade ago. I'd have made a killing, but it was the Great Recession. As a recent grad, you were lucky to have a job, any job. I didn't make enough to buy a home with my first job. I barely scraped by living in a $500/mo studio.

I finally made enough to buy my first home, with only around 10% down, when I was pushing 30. I bought a 2BR/2BA condo on the edge of suburbia. I had a roommate for the first couple of years to contain costs, until I met my spouse. The booming housing market afforded us to upgrade to a townhome over two years ago, but again on the edge of suburbia for close to $300k with an HOA.

Now that we're married and have two incomes, we're looking to upgrade again. But now we're looking at prices in decent neighborhoods that we would even want to live in for north of $450k.

So, as you can see above, there's a reason why many of us have put off home ownership, as well as other traditional concepts like starting families, saving for retirement, etc.
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Old 10-15-2019, 10:31 AM
 
731 posts, read 737,856 times
Reputation: 1011
Close to our house in Centennial, there are now four homes that have sold or will be sold soon (we are selling early next year.. I hope).

Two of the houses were fixed up by the owners. One of the homes was owned by an investor who rented it for a while and then sold. They upgraded the house somewhat. The other house was bought somewhat trashed and is currently being renovated by flippers. The folks doing the work are not the ones who put up the money.

All the investing scares me.. Good for me if I sell soon enough. Bad for a young person trying to get into a house because its driving prices up. Bad for the stability of the housing market here. Who are the investors.. dont know but you can buy real estate mutual funds.
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Old 11-06-2019, 02:45 PM
 
937 posts, read 557,524 times
Reputation: 2335
Quote:
Originally Posted by High Altitude View Post
Still going to be a major seller's market, but the days of prices going up insane amounts every single month with multiple offers is behind us IMO.
We could end up back in Denver soon. If we do, I'd like to live right downtown and so have been keeping an eye on Zillow. Seems like properties are sitting on the market now for weeks at least, and some going on a couple of months, and price cuts $10k-$20k ish are not too uncommon now. I agree that it's not quite as insane with the bidding wars etc as it was in the past, but it is still a seller's market. I guess it has reached an upper limit with what most can reasonably afford and an adjustment is now taking place. I don't see the overall housing market value or appeal of Denver ever significantly retracting or going backwards though. Those mountains are never going away and people will always want to live near or in them.

Last edited by Chloe333; 11-06-2019 at 03:26 PM..
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Old 11-06-2019, 03:46 PM
Status: "Looking forward to President Harris" (set 29 days ago)
 
Location: Berkeley, Denver, CO USA
15,658 posts, read 23,554,470 times
Reputation: 26901
Quote:
Originally Posted by Chloe333 View Post
Seems like properties are sitting on the market now for weeks at least, and some going on a couple of months, and price cuts $10k-$20k ish are not too uncommon now.
I pay attention to the new builds in the Berkeley neighborhood and I see these same price cuts. Particularly above $900K. Builders are starting at $950K and then working their way down to $900ish. It does not mean that prices are falling, but does show that prices are no longer popping up at 10%/year.
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