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2015-11-19 10:35:37
Monthly Real Estate Update November 2015
Troy Warrick
Your 'GET IT SOLD' Realtor
Phone: 303-827-5141
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Monthly Real Estate Update
November 2015

Market Update

Hello and welcome to the November edition of my monthly real estate update. My hope is that my e newsletters provide you with valuable information and a quick overview of what's going on in our market currently. I've made some modifications to the newsletter to make it easier for you to 'Refer A Friend' and receive $500 cash and created links to my listings and video blogs. Hope you enjoy.
October was a fairly strong month for purchases but with a slight weakening over last month and last year. Closings were down 5% in October compared to September and down 10% from a year ago. New listings to hit the market were actually down 8% last month compared to September but were up 18% from a year ago showing that sellers are finally getting the message that it's a good time to sell. Obviously with closings down and listings up we have a bit of a more balanced market compared to the crazy Spring and Summer frenzy. I'm still seeing multiple offer situations and prices being driven up on price ranges between 250 - 500k frequently but above that homes are sitting longer and some sellers are having to the price. Just in the past week I had to negotiate 3 properties with as many as 8 offers and encouraged my buyers to go over asking price and with some creative negotiating I was able to secure all 3 homes for my clients.
There is still a strong expectation that the Fed will raise interest rates in December so unfortunately we've seen mortgage rates rise some in step with this prediction. Hopefully they rise slowly and not very much or it could certainly have negative impacts on buyers and sellers alike. I'm asked often where do I think interest rates will go and honestly its a bit like shaking the magic 8 ball. Nobody really knows but since they have been so low for so long it's safe to bet they will go up it's just a matter of when.

Please enjoy the articles below and I hope you find them helpful.

All signs point towards a strong real estate market for Denver over the next 6 months so if your plans include buying or selling a home call me and we can figure out a plan that will best suit your needs. Troy Warrick


Homes on Market both Single Fam & Condo = 8,563 down 5% in listings over September but up 7% compared to the number of listings a year ago

Home Sales in October = 4,644 or down 5% from September & down 10% from last year

Under Contract October = 6,341 down 1% from September but up 8% from last year


My New Listings
2239 Lasalle St in Superior - $599,900 Under Contract 3
9062 Copeland St in Littleton - $647,900 Available
Gorgeous 5 bed, 4 Bath semi-custom home in Province Center with finished basement. Very luxurious!

15 Questions to Ask When Interviewing a Real Estate Agent

Selling your home is a big deal — so while it may be tempting to go with the first word-of-mouth recommendation you get, when it comes to choosing a real estate agent, it pays to do a bit more research. Your real estate pro will be responsible for setting the sale price, marketing your home, running open houses, speaking with potential buyers and ultimately, walking you through the selling process. To make an informed choice, ask friends and neighbors for personal recommendations, but also take the time to interview several of the best candidates before making a decision. Here are 15 questions to ask potential real estate agents.

1. What is your experience and education? Though a new real estate agent can certainly be motivated and eager to please, a pro with years of experience will have the knowledge and skill to face unexpected challenges. Taking continuing education courses shows a commitment to keeping up with changes.

2. Is this your full-time job? Having another job shouldn’t necessarily cut a potential real estate agent out of the running, but you need to be aware if this is a part-time gig before committing. Someone who also works somewhere else may be harder to reach and could miss out on opportunities to show your house.

3. Are you a member of the National Association of Realtors? Membership in this professional organization is what allows a real estate agent to use the title Realtor. Being a Realtor means that the person has agreed to follow the organization’s ethical guidelines and to keep up with continuing education.


25% Of The Listings We Had In 2007

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Both REColorado and DMAR, two key market stat entities released their October reports last week. DMAR focuses on the 11 county metro area. Here are some great stats from DMAR's October RE Report.

  • There were 7,156 single family listings in October, a 6% increase from last October. Personally, I never saw anywhere near this many listings in the MLS in October. On October 31st, I saw 6,446 properties for sale including raw land and multi-units. There were 4,996 homes and condos for sale on Halloween.
  • For perspective in October 2007 we had 28,928 listings. The number of listings today is 25% of 2007.
  • Anthony Rael, Chairman of DMAR's Market Trends Committee, believes 1 reason the number of listings is increasing is because higher-end homes have been staying on the market longer.
  • The average price of a SFR rose 1.7% last month from September to $403,795.
  • The median price of a SFR rose 1.8% last month from September to $346,000.
  • The average price of a condo rose 4% last month from September to $263,362.
  • The median price of a condo rose 1.5% last month from September to $214,500.
Mostly positive news except for the higher end market where homes seems to be in less demand. A 1% increase per month would be pretty manageable growth whereas anything more than that could be cause for concern that prices are going up too fast.


If you refer a friend that buys or sells a home from me I'll give you $500!
Click here to Refer A Friend

Mortgage Rates

Conventional 30 year fixed with 20% down-3.75%______
Conventional 5/1 ARM with 20% down-3.125%________
FHA 30 year fixed with 3.5% down-3.50%____________
VA 30 year fixed with 0% down-3.50%____________
Jumbo 30 year fixed rate with 20% down-3.875%________
Jumbo 7/1 ARM with 20% down-3.25%_____________


My New Listings
Search Homes
Watch Video Blogs

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2018-08-30 09:35:30
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2018-08-16 09:12:31
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2018-07-26 08:27:02
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