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 An updated home will appeal to more buyers and command a higher price than an outdated property.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.

 

 

Search the Denver MLS to Find Local Real Estate

The MLS system in Denver is a compilation of all of the homes for sale in the Denver area. The listings come from real estate offices all over the Denver including Metro Brokers, Coldwell Banker, Keller Williams, Sotheby’s and more. Contributions are made from the thousands of Denver area real estate agents who work for these local brokers. The MLS system is a huge database of homes for sale. The system also includes past sales history for all homes that have sold in the area. Realtors use this past sales information when preparing a market analysis or price opinion for a client prior to listing their house for sale.

How do I access the Denver MLS?

There are lost of ways to view listings on the MLS. Sites such as Realtor.com or Zillow offer a great search tool for viewing currently listed homes. The best way, however, is to contact a local real estate agent who can set you up on an automatic search so that you will be notified when new homes are listed that match your buying criteria. Think of home shopping as a competition. You are competing to find the perfect home along with hundreds or even thousands of other home buyers in the area. Everyone wants the perfect home and many are racing to new homes as soon as they’re listed for sale. If you wait too long to schedule a showing or don’t see a new listing within a few hours of it hitting the market, you’ll likely be too late for the best properties. Having a Denver Realtor partnering with you in this competition will allow you to view homes the day they are listed.

By partnering with a Denver agent, you can provide him or her with all of your buying criteria such as area, school district, number of bedrooms and bathrooms, size, lot size, amenities, etc. The agent enters this information into their system and you will then be notified immediately when a new home is listed that matches your criteria.

Should I use a Denver REALTOR?

You should absolutely use a realtor! Only realtors have access to the MLS system. It is a requirement of most local realtor boards that you are a member of the National Association of Realtors as well as the local Denver Association of Realtors in order to have access to the Denver MLS. If you are only a “real estate agent” you can still represent buyers and sellers, however, you won’t have access to the MLS. As you can imagine, it would be pretty difficult to be a competitive real estate agent without access to this valuable system.

Reprsenting home sellers in Denver, would also be nearly impossible if you aren’t a Realtor. Again, you wouldn’t have access to the MLS and therefore, you would be limited to marketing your clients house through other means such as yard signs, flyers, postcards, your local real estate agent network, personal website, etc. These are all great supplemental methods to sell a house, however, by far the most effective is listing their house on the MLS. Almost all buyers tell us that they begin their home search online and the most visited real estate websites include those with data feeds connected to the Denver MLS system.

Which Denver Realty Company Should I Use?

There are lots of great realty companies in Denver including Coldwell Banker, Keller Williams, Sotheby’s, RE/MAX, Metro Brokers, etc. Choosing the right real estate agent is more important than the realty company. Each real estate agent is essentially an independent contractor running his/her own busines under the broker. Choosing the right real estate agent will take time. Be sure to select the best agent by reviewing their sales history, experience, number of homes sold, realtor designation, reviews from past clients and more.

Top Selling Denver Real Estate Teams

Have you wondered who the most active real estate teams are in Denver? There are numerous websites who track real estate agent sales activity in and around Denver. A few of the most well known resources include Zillow, Trulia and Realtor.com. Let’s see who each of these sites inlude in their realtor directories.

Zillow in Denver

  1. Wisdom Real Estate. This is a team of 12 real estate agents. They are the #1 ranked team in Denver, CO based on 67 recent sales and five listings.
  2. David Ness. Zillow notes that David has a real estate team, however, they don’t tell us how many agents make up his team. David’s team has 60 recent sales and 3 current homes for sale.
  3. Ryan Carter and 8z Denver Team. Ryan has a team of 19 agents and they have 111 recent sales along with 4 current listings. His team has 185 reviews.
  4. Todd Narlinger has a team of 20 agents. According to Zillow, they have 104 recent sales and 6 current listings.
  5. Innovative Real Estate and Scott Lora. This is a team of 30 agents. They have 80 recent sales and 4 current listings according to Zillow.
  6. Patrick Finney Team City Specialists. They have a team of 8 real estate agents. It looks like they have 40 recent sales.
  7. Aaron Hard has a team of 10 agents serving buyers and sellers in Denver. They have sold 47 homes recently, however they have no current listings according to Zillow. I would question the accuracy of this data. It seems unlikely that they don’t have any current listings.
  8. Joe Phillips with Focuc Real Estate. Zillow tells us that he is a single agent with no team members. He has sold 18 homes recently in Denver.
  9. Kimberly Austin is a single agent with Coldwell Banker. She recently sold 38 homes in Denver and has 8 Denver homes currently for sale.
  10. Susie Best with Porch Light Real Estate has 37 recent Denver sales.

Trulia in Denver

Since Trulia is owned by Zillow, there is frequently a lot of cross over in their information, real estate agent advertising and realtor reviews.

  1. Trelora Real Estate has sold 273 homes in Denver and they hav 30 active listings for sale.
  2. Wisdom Real Estate has sold 251 homes in Denver according to Trulia.
  3. Jennifer Apel. According to Trulia, Jennifer has sold 245 homes in Denver.
  4. Susie Best has sold 284 homes in Denver.
  5. Innovative Real Estate has sold 214 homes in Denver.
  6. LEO Rowen has sold 226 homes in Denver.
  7. David Ness has sold 210 homes in Denver.
  8. Laurie Erb has 247 Denver homes sold.
  9. MODUS Real Estate has 206 Denver home sales.
  10. Dave O’Brien has 223 homes sold in Denver.

Highest Rated Real Estate Agents in Denver According to Realtor.com

The current top 10 list of Denver real estate agents includes the following:

  1. Ryan Sondrup
  2. Monica Breckenridge with Pink Realty
  3. Sara Murdoch with Live Urban Real Estate
  4. Anthony Rael with RE/MAX
  5. Carmen Molitor with RE/MAX
  6. Traci Kennedy with REML
  7. Dan Wisdom with Wisdom Real Estate
  8. Sandi LHMS with Metro Brokers
  9. Carolyn Erickson with Nexstep Real Estate Group
  10. Annette Knutson with Live Urban Real Estate

Who do you think should be included in the Zillow, Trulia or Realtor.com list for real estate agents in Denver? Let us know your thoughts.

searching for a realtor

How to find a Colorado REALTOR®?

If you are looking for a specific REALTOR® the first place you should consider looking is realtor.org. They have a database search tool that you can use to find an agent: http://www.realtor.com/realestateagents. This is great if have simply misplaced the contact information for the real estate agent you would like to have represent you in the purchase or sale of a home or if you just need a real estate agent to provide you with a home valuation to sell your home.

What should you do if you are looking for an agent, however, you don’t have any idea who you should interview or hire to work with? There are lots of options. In the Denver, CO area there are lots of companies to choose from including Kentwood Real Estate, Coldwell Banker, Keller Williams, Madison & Company Properties, Live Urban Real Estate Group, Porch Light Group and many more.

There are so many beautiful neighborhoods throughout the Denver area. Homes in Aurora, Lakewood, Littleton, Centennial, Arvada, Westminster or Thornton are some of the most sought after neighborhoods in the Denver metro area. Some people looking for real estate for weekend get-aways or long ski weekends don’t have to drive far and will find great skiing in Breckenridge, Colorado.