Hello and welcome to the October edition of my monthly real estate update. My hope is that my e newsletters provide you with valuable up to date information and a quick overview of what's going on in our market. Exciting news to tell you also. I will again be renting out a movie theater this December and showing the new Star Wars movie Rogue One on OPENING NIGHT so look for emails and a personal invite to this exciting event!
Experts Say Denver Real Estate Should Be Strong In 2017
According to forecasts just released from the National Association of Realtors 'We can expect a hot year for home sales in 2017.'
'NAR is predicting existing-home sales to reach 6 million in 2017, higher than its 5.8 million forecast for this year. But other entities are even more bullish. MBA is predicting home sales to eclipse 6.5 million next year, while Fannie Mae and Freddie Mac are both predicting 6.2 million.'
What's driving this trend? 'A huge wave of Generation Yers,' otherwise known as millennials, whose long-overdue march into home ownership may finally be happening. A strong showing from this group can prop up the real estate market not just next year, but for several years to come. 'They are predicted to keep home sales and condo sales strong well in to 2020, according to economists,' they said.
As as you can probably guess, Denver is predicted to be one of the top 5 markets in the country in appreciation. Most experts are saying Seattle, Portland, Denver & Boston will be the top real estate markets in the country with 8 to 11% appreciation. I am estimating more in the 6- 8% range but with low supply and plenty of buyers there is just absolutely no reason that prices will go anywhere but up. The only thing that could stop this momentum is a large interest rate spike. Rates are still at historic lows and haven't spiked in years so it is hard to imagine this happening.
What does this mean for you? Well if you are waiting to purchase thinking there is going to be some kind of crash or in prices unfortunately I don't see that happening. If you want to buy and want to get the best deal then you really should be looking now through the end of the year when demand is less and you won't have to compete with as many multiple offers. For sellers, I expect a very strong Spring starting in February so listing your home with me from February on will likely yield a great price and multiple offers.
So if your plans include buying or selling a home give me a call or email so we can discuss the best strategy for getting your home sold or purchasing a new one.
Denver Will Be 9th Fastest Growing City in the Country
The Denver Business Journal's parent company, American City Business Journals released a report last week showing which metro areas in the country will see the biggest increases and the biggest s in population. They generated their projections based on data from the U.S. Census Bureau and the University of Virginia's Weldon Cooper Center for Public Service.
They found that metro Denver's population will increase by 52.4% between 2015 and 2040 as they predict that 4.288 million people will live here in 2040. This is faster pace of growth than our own State Demography Office is predicting, which is predicting our population will just exceed 4 million by 2040.
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 = 9,053 up 4% in listings from August and the same as a year ago
Home Sales in August = 5,044 or down 7% from last month and down 10% from a last year
Under Contract August = 6,412 or down 9% from last month and the same as last year.
My New Listings
6890 S Riverwood Way in SE Aurora - Listed for $584,970 Under Contract
7128 S Elk in Tallyn's Reach, Aurora, CO - Listed at $529,000 Under Contract in ONE DAY