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Home Remodeling Trends in Denver

It is very important for realtors to stay up to date regarding the hottest remodeling and style trends for their clients. Sellers look to their real estate agent to provide them with guidance as to any improvements they should make prior to putting their house on the market. An updated home will appeal to more buyers and command a higher price than an outdated property. It usually doesn’t take too much to get a house market ready.

Currently one of the hottest trends is using reclaimed lumber and timber including barnwood to create a sense of warmth and classic style. If you’re familiar with Restoration Hardware (RH) or Pottery Barn, you’ve familiar with how reclaimed wood can be used in furniture and if you’ve paged through any of their catalogs you will see there furniture staged in homes that make extensive use of reclaimed lumber. Frequent uses include fireplace mantels, decorative beams, kitchen or bar counters, shelves, wall paneling, wood floors or even entire additions.

There are many places you can look to find reclaimed lumber including Etsy, Craigslist or Ebay. There are a couple of local companies in Denver that offer a great selection including:

Front Range Timber
http://www.frontrangetimber.com/

Denver Lumber Yard
https://denverlumberyard.com/

If you are in the Minneapolis area try, http://getreclaimed.com.  They might be able to ship you the material you need for your project.

If you are looking for inspiration, you will find many great uses for reclaimed wood on Houzz. We’ve spent hours admiring the many creative ways people have transformed their homes using this beautiful material.

Remember, don’t go overboard if you are preparing to sell your house. Set a budget and stick to it. Your real estate agent will be able to guide you through the process and make recommendations.

 

Record Real Estate Prices in Denver, Colorado

The Denver real estate market has appreciated considerably since the the market correction that bagan in 2007. There is no doubt that it’s become one of the hottest housing markets in the country with the average sale price for a single family house recently hitting $439,161. That’s a new record and 40% above prices prior to the market crash.

Buyers have become increasingly frustrated as many of them are being priced out of the market. Multiple offers on homes are becoming common place and buyers are having to pay over asking price. Chuck Harris, a real estate broker who assists clients with finding top Colorado real estate agents, has noticed a huge increase in the number of buyers contacting him for assitance. “We used to get a 50-50 mix of buyers and sellers who would contact us. Now it’s more like a 95-5 mix. Almost everyone contacting us is looking for a Denver buyers agent. It’s crazy!”.

The real estate website, Zillow shows recent home prices in Denver are hovering around $383,000. They predict a further increase of more than 4% this year.

Do you know anyone who recently purchased a house in Denver? Did they use a real estate agent or did they decide to make the purchase without the assistance of a local REALTOR? We’re finding tha the younger generation of residence in Denver are prefering to buy a home without hiring a realtor. It seems like so much more work to buy a house without an agent. If you recently purchased a house without using a real estate agent, we would love to hear about your experience.

realtor negotiating multiple offers

Colorado Spring Real Estate Market – Multiple Offers

The spring real estate market in Denver is already in full force. Other local communities such as Highlands Ranch, Colorado Springs and Greenwood Village are also experiencing an earlier spring surge in the local housing market. It’s only mid-February and already buyers are facing situations where they are competing against other home buyers in multiple offer situations. Multiple offers are occurring on homes sometimes within hours of the time they are listed for sale. This is particularly true of starter homes priced attractively for first time buyers. There is limited inventory at the lower prices resulting in this competitive situation. Typically this influx of buyers starts in March or early April, however, with the unseasonably warm weather, the buyers are out much earlier than normal.

Low interest rates are also contributing to a more competitive environment for home buyers. Rates have been low for so long, however, in recent months they have begun to increase and would be buyers are concerned that interest rates will continue to rise making their new home purchase less affordable. From the home sellers view point in Colorado Springs, they have seen their home value increase every year and many home owners are holding with the thought that their home is a great investment and if they can make 10% or more in home value appreciation each year, then why would they sell.

What is the best way to deal with a multiple offer situation? The answer depends on if you are the home buyer or the home seller.

Denver Home Buyers Guide to Multiple Offers

  1. The first thing you’ll want to do is be sure that you are working with a great realtor who has experience dealing with multiple offers. This is true if you are buying a home in Highlands Ranch or Colorado Springs. Understanding the mindset of the buyer and seller and having been involved in similar situations will allow the best realtors to give you valuable advice on what to offer and how to get your offer accepted. Do you want to offer a higher price? Should you offer to purchase the house in as-is condition with no contingencies? Should you offer to close quickly? The best real estate agent is able to guide you by helping you write the best offer that you are comfortable with.
  2. Sometimes writing a letter to the seller telling them how you will be raising your family in their house and how excited you are  about the prospect of taking care of their home is enough to convince the seller to accept your offer. This won’t get you the house in a situation where a competing offer is for substantially more money, however, if there are two offers that are close in terms of price, this may be the answer to the seller choosing your offer.
  3. Offer to pay all cash for the house. Not everyone can do this, however, if you have the ability to pay cash for the house, and then do it. Cash assures that buyer that there won’t be any issues between the time they sign the purchase agreement and closing. The likelihood of the deal falling apart on a cash deal are fare fewer and therefore this is an attractive offer in the eyes of the seller.

Denver Sellers Guide for Selling Their House with Multiple Offers

  1. First of all don’t be tempted to accept the first offer you get or the highest price. Be sure to review all of the details of the offer. It could be that the highest price offer has numerous contingencies which could result in the sale falling through, and you don’t want that. If the sale falls through, you have likely lost all of the original competing offers because they have moved on to other homes. This is something that a top Denver real estate agent will be able to help you decide.
  2. Evaluate all of the terms of each offer to determine which offer is the most likely to close. Financing contingencies, inspection contingencies, etc. can all be deal breakers.

Now that you have an idea of how to deal with the hot Denver real estate market, go out and hire a real estate agent who can help to educate and represent you in the buying or selling process. If you are thinking about selling your house in Denver, then you will want to have a local real estate agent help you to determine the value of your house. With home prices increasing so quickly, you want to be sure that you are working with a real estate agent who is connected with the day to day of the market who has the best knowledge of the current values of property in your neighborhood.

The luxury housing market in Denver recently experienced the best November on record. A recent analysis of homes price over $1 million dollar showed that there were nearly 100 Denver luxury priced homes that sold during the month. Compared to recent years, this was a huge increase in sales at this price point. Consider that in 2011 there were only about 25 homes that sold in the luxury price bracket, followed by around 50 in 2012 through 2015. The 2016 sales number represent an increase of 111% from last year. This is according to a report put out by Kentwood Real Estate, a leading Denver based real estate broker representing upper bracket home sellers.

It isn’t only the luxury homes segment that is experiencing tremendous growth, we have seen an increase in sales across all price brackets. According to REcolorado, there was a 13% increase in sales of single family homes compared to last year.

The increased demand in the luxury homes segment of the real estate market has resulted in brisk sales in many of the new condo developments across Denver. Developers have seen an increase in deposits put down to hold units. This has been especially clear in units priced at the $600k+ price point. It’s difficult to know how long this current surge will last, but local real estate agents are enjoying the boom market.

There are a number of leading real estate agents in Denver who specialize in the luxury housing market. A few of the top upper bracket agents include Meredith Hotz with The Kentwood Company. She works with the Hotz Group who has over $37m in annual home sales. Another excellent agent specializing in this segment of the market is the Bartic Group which is a part of Keller Williams and is led by Brendan Bartic. They are Keller Williams #1 ranked team in Denver.

If you are looking for a Denver agent, be sure to use the easy to search directory to find an agent who meets your needs. A luxury agent will offer higher quality marketing and service compared to your typical real estate agent in the Community. They tend to have a network of connections and are well positioned to sell a luxury home quickly and for the maximum sale price. Denverhomesteam.com is the leading resource for luxury home buyers and sellers in Colorado.