Denver Real Estate Discussion / Opinion Thread (NO Data Charts) (Lakewood: HOA fees, townhouses)

[Tim Tim Tim]

Originally Posted by 2bindenver

From REColorado.com:

Last month, the Denver Front Range housing market saw the second-most sales of any November in the 26-year history of the REcolorado market report. During the month, 4,400 homes sold, 10 percent more than November of last year. As compared to last month, sales saw a seasonal decrease of six percent.

Strong sales kept weeks of inventory steady at just seven weeks.

Generally speaking, do you see prices rise slightly in the summer months when more people are moving or do the prices stay about the same?

Were looking to move out there sometime in the first half of 2017, been keeping an eye on the market and wondering from a professional point of view, when the most options/lowest price combinations tends to sit.

[emm74]

I'm quoting Dave's post from the data thread

Originally Posted by davebarnes

Kentwood: Best November ever for luxury homes sales

Kentwood: Best November for luxury home sales

"In November, 91 single-family homes sold, a whopping 111.6 percent jump from the 43 a year earlier
...
“If someone has just sold a house in New York or San Francisco for $2 million, they can come to Denver and buy the same house for 30 percent less,” Chirafisi said."

Is it just me or does anyone else find it surprising that Denver is ONLY 30% less for a 2 million dollar home than NYC or San Francisco. Guess prices here are crazier than I had realized....

[2bindenver]

Originally Posted by Tim Tim Tim

Generally speaking, do you see prices rise slightly in the summer months when more people are moving or do the prices stay about the same?

Were looking to move out there sometime in the first half of 2017, been keeping an eye on the market and wondering from a professional point of view, when the most options/lowest price combinations tends to sit.

From a professional point of view - the best time to buy was 6 years ago, the next best time is now. Maybe up until April when the buyers and sellers come out of hibernation.

[2bindenver]

In John Rebchook's Denver Real Estate Watch final entry.

DREW, Denver Real Estate Watch, shuts its doors

[Count David]

Originally Posted by 2bindenver

In John Rebchook's Denver Real Estate Watch final entry.

DREW, Denver Real Estate Watch, shuts its doors

LOL he gives davebarnes a shout out!

[SQL]

Originally Posted by David Aguilar

LOL he gives davebarnes a shout out!

This excerpt is hilarious:

Dave Barnes calls it like he sees it

A special thanks goes to Dave Barnes. Dave posted 1,118 comments out of the 7,722 comments on DREW, far more than anyone else.

He never hesitated to point out a mistake by me, whether it was a typo or if I used the word “data” as a singular noun instead of plural noun.

Dave also was not shy of sharing his opinion on a multitude of issues. Indeed, he criticized me for being a newspaperman who strived to be balanced in his coverage.

You get more clicks, he told me, by taking controversial positions and stirring things up.

Yep, that sounds like davebarnes alright. Now watch the local celebrity get to his head.

[caverunner17]

Originally Posted by 2bindenver

From a professional point of view - the best time to buy was 6 years ago, the next best time is now. Maybe up until April when the buyers and sellers come out of hibernation.

If I had a dollar for every time I've heard a real estate agent say this.

The best time to buy a house is when you, the buyer is ready to buy a house. If a increase in the market of housing is going to price you out next year, then chances are that you aren't in a solid position currently and/or are looking at houses that are probably too expensive or at the top of your range for your income level as it is.

As far as the 6 year ago part.... that was true everywhere. I had friends buy houses for a fraction of their current value all over the US between 2009-2012. That's not unique to Denver.

The other (less favorable for most) option is to rent a spare room for a couple of years. $600-700/month for a room for 3-4 years is an easy 20-30k back in your pocket. That's an easy way for you to get enough of a raise/promotion to cover the expense of a house a few years down the road.

[MN_Ski]

The next, next time to buy will be in....5 years?

[SQL]

Originally Posted by caverunner17

If I had a dollar for every time I've heard a real estate agent say this.

The best time to buy a house is when you, the buyer is ready to buy a house. If a increase in the market of housing is going to price you out next year, then chances are that you aren't in a solid position currently and/or are looking at houses that are probably too expensive or at the top of your range for your income level as it is.

As far as the 6 year ago part.... that was true everywhere. I had friends buy houses for a fraction of their current value all over the US between 2009-2012. That's not unique to Denver.

The other (less favorable for most) option is to rent a spare room for a couple of years. $600-700/month for a room for 3-4 years is an easy 20-30k back in your pocket. That's an easy way for you to get enough of a raise/promotion to cover the expense of a house a few years down the road.

When I recently took my house off the market, this is exactly what my realtor was telling me. He even insisted that he and his family were putting their house on the market NOW, because of the fear that rates were going to rise. Suuuurrree. That's a bunch of BS sales hoopla to pressure you into selling.

You're absolutely right. The best time to buy or sell is when you're ready to buy or sell. You have no control over what the Federal Reserve does with interest rates. You only have control over what you can afford to buy at a given moment. Here's a rule of thumb: If another .25% increase is going to break the bank, then you can't afford a house.

Very good post!

[mhays25]

Nobody should make a hasty decision out of panic that things might change. But it's smart to watch the fundamentals, including unbiased takes on where mortgage rates might go. The biggest purchase of your life isn't something to do on a whim.