Here are five new tenets that all serious buyers should heed.

Skip the Lowball Offer – In this improving market, you’ll do better asking the seller for concessions such as help with closing costs or paying for needed repairs. Making an offer far below asking price can at best prevent price negotiation and at worst kill the deal altogether. Savvy Denver home sellers will just move to the next buyer in line.

Pre-Approval is a Must – If you’re truly serious about buying, then check your credit and get pre-approved before you look at even one house. You’ll know how much house you can afford and potential sellers will have more confidence in your ability to buy in a tightened lending environment.

Know Your Market – Let your real estate agent educate you on conditions in your area including how long homes are staying on the market. Focus on transactions from the last three months to get a clear idea of how things are and what to expect.

Plan to Compete for Your Home – It’s Economics 101: the supply of Denver homes is shrinking while demand is growing, so lots of buyers could be bidding on the same home. This is especially true for short sales and foreclosures where many buyers will have cash in hand.  Increased competition is another great reason for loan pre-approval.

Do Your Research – Specifically, hire a title company to find out about any liens or arrears on your desired home, have your own home inspector go through the house, and verify property lines by reviewing a recent survey or having your own done. It’s also critical to make sure that all required state disclosures have been made regarding the property.

There are still great bargains out there for Denver real estate, and following these new rules will help you be the buyer who wins the prize.

Let the professionals at the Bandy Team help you buy or sell a Denver home. Contact us for a no-obligation consultation. If you’re thinking about buying a home in Castle Rock, we can show you some terrific properties in Castle Pines, homes in The Meadows, town homes in Founders Village, and real estate in Castlewood Ranch.

Marianne Bandy

Denver Relocation Help

A report from the Apartment Association of Metro Denver and the Colorado Division of Housing says the average rent for a metro Denver apartment had a 4.5 percent year-over-year increase from Q1 2011 to Q1 2012, the largest jump for any quarter since 2002. In dollars, this equates to average rents growing from $911 per month to about $952 per month.

The last time average rents increased this substantially year-over-year was 2001’s Q3 increase of 8.7 percent.

Demand for Denver living space is growing faster than rental units can be produced, driving rental prices up in almost all counties studied.  The largest average rent increases were in Denver County with a year-over-year increase of 6.3 percent and in the Boulder/Broomfield area which grew by 6.7 percent.

Highest average dollar rents were found in DouglasCounty at $1,109 per month and in Boulder/Broomfield County with $1,070 monthly.  The lowest average rent was $897 in JeffersonCounty.

Using the apartment vacancy rate as a metric also tells a story of short supply and high demand.  In Q1 2012, the Denver metro apartment vacancy rate dropped to 4.9 percent, the second-lowest since 2001. By comparison, the 2011 Q1 rate was 5.5 percent. Vacancies in the more desirable neighborhoods average a low three to four percent.

So if you’re considering a move to Denver, these numbers say you should act fast because our area is becoming more popular every day. And the reason is clear: it’s a great place to call home!  And if there is any possible way, consider buying a Denver home instead of renting. You will have the advantages of tax deductions, no annual increases in housing costs, and a place you can truly call your home. If you’re an investor, Denver is a great place to buy rental properties.

Let the professionals at the Bandy Team help you buy or sell a Denver home. Contact us for a no-obligation consultation. If you’re thinking about buying a home in Castle Rock, we can show you some terrific properties in Castle Pines, homes in The Meadows, town homes in Founders Village, and real estate in Castlewood Ranch.

Marianne Bandy

Denver Relocation Help

This is particularly true in Denver, which is second in the country for the shortest time on the market for home listings. Homes in Denver are on the market for a mere 33 days, well below the 89-day national median. There are just too few homes in the area to meet the high buyer demand, especially in the under $300,000 price range.

Yet agents say there are actually lots of people wanting to sell. They’re just not sure they can get the price they need. According to CoreLogic, one out of every two homes available for sale in January 2012 was not on the market but potentially available for those who could find it.

Those working in the shadows can often secure a private deal with these quiet sellers. Agents will often locate them through referrals, and some buyers are brave enough to make unsolicited bids on homes they like.

Often it’s networking that will uncover a seller, but sometimes it’s just being very observant. One buyer saw a construction dumpster in front of a house, learned the property was to be sold, made an offer and got the home.

There are several ways to locate these “off the grid” deals.

• See if your real estate agent has a premarket listing service that you can peruse. They may also have some type of service where potential buyers can state what kind of Denver property they’re searching for.
• Find an agent who knows the particular neighborhood you like as they generally know what’s in the works for their area.
• If you’re looking at a townhouse or condo community, pass around your home “wish list” to current residents.

If you’re a nervous Denver home seller, drop a hint to your agent or to friends and family. This kind of networking just may bring the buyer to you—especially if you’re selling in a hot market like Denver.

Whether buying or selling, don’t hesitate to explore every available option to secure the deal.

Let the professionals at the Bandy Team help you buy or sell a Denver home. Contact us for a no-obligation consultation. If you’re thinking about buying a home in Denver, we can show you some terrific properties in Denver, including homes in Cherry Creek, town homes in Lowry, and real estate in Stapleton. You may also be interested in horse property in Elizabeth or Parker horse property, and a variety of Parker golf course homes in Canterberry.

Marianne Bandy

Denver Relocation Help

The Market is Shifting

Buyers are coming out of the woodwork looking for homes, but not finding much to choose from, especially in the under $300,000 price range.  We are counseling buyers in this price range to be ready to jump quickly on any house that comes on the market that meets their criteria.  That means being pre-approved for a loan, have earnest money ready, and being ready to make a quick decision.  This price range is no longer a buyers’ market; it is a sellers’ market, with many properties getting multiple offers within days of being placed on the market. And the closer your offer is to list price, the better your odds of getting the property.  For buyers who want to “sleep on it” before making a decision, they most likely will not “sleep in it”.

Based on available inventory and sales levels, we have a 1.7 month supply of single family homes and a 2.4 month supply of condos.  No wonder there is a bidding war for many homes in this price range!   See this link for more information:  Denver real estate market is 2^nd fastest selling in the nation

Market Metrics:

March was the month of “UP” in the Denver home market.  While the inventory of homes for sale remained relatively stable, everything else was “UP” and the strength of the Denver home market continues to show its recovery.  All indications are that this will be a strong year for the Denver real estate market.  We are only weeks away from the start of the prime home selling/buying season.

Monthly Market Recap:

March Year-to-Date Market Recap (2012 versus 2011):

 MARCH, 2012 YTD HOME TRENDS:

The top four price ranges for sold Single Family homes are:  (1) $200,000 to $299,999, (2) $300,000 to $499,999, (3) $150,000 to $199,999, and (4) $110,000 to $149,999.

The top three methods of financing a home purchase are:  (1) Conventional financing, (2) FHA financing, and (3) Cash.

Real estate is local.  While the above is a representation of the Denver market as a whole, please contact me to better understand your specific real estate market.

Advice to Sellers:

The Denver home market is weeks away from the prime home selling/buying time of the year.  Is it time to take advantage of this prime home selling season to sell your home?

Establish your expectations as to home pricing, deferred maintenance needs, and the average amount of time required before your home can be sold.  More and more prospective buyers rate Lifestyle as their top priority.  With that being said, the typical prospective buyer is looking for a home that has everything they want and are not interested in doing renovation/home improvement after the purchase.

Sellers can improve their chances of getting a house sold by sprucing up the house inside and out, which will create that lasting, positive first impression.

Is it a good time for your home to be on the market?  As Real Estate is always local, contact me to discuss the options available to sell your home during 2012.

Advice to Buyers:

One may ask “Does buying a home really make better sense than renting?”  While the answer is personal, one should take into consideration the top four non-financial reasons people buy a home.  Buyers want:

1. a place to raise and educate their children
2. a place where their family will feel safe
3. to have plenty of living space
4. to have control over the space.

Home affordability has never been better.

If you’re in the market to purchase a home, here is a list of things to consider when preparing for homeownership:

1. decide what you can afford
2. develop your home wish list
3. select where you want to live
4. start saving, get your credit in order
5. determine your mortgage qualifications
6. get preapproved
7. weigh the sources of your down payment
8. calculate and budget for the costs of homeownership.

Want to learn more?  CALL ME TODAY!

Let the professionals at the Bandy Team help you buy or sell a Denver home. Contact us for a no-obligation consultation. If you’re thinking about buying a home in Denver. We can show you some terrific properties in Denver, including homes in Cherry Creek, town homes in Lowry, and real estate in Stapleton. You may also be interested in horse property in Elizabeth or Parker horse property, and a variety of Parker golf course homes in Canterberry.

Marianne Bandy

Relocate to Denver

As the largest user of energy in a Denver home is normally temperature regulation, the more important features of green homes include the windows and thermostat. New window technology allows windows to let in light but resist heat transfer, meaning you can enjoy the sun, but keep your house temperature how you like it. And as far as temperature regulation is concerned, a programmable thermostat can save you hundreds of dollars. These little gadgets control the heating and cooling based on the time of day, allowing you to remain comfortable, but saving your HVAC system from working too hard.

There are a variety of other examples of how you can better insulate your home. For example, buying “green” insulation alternatives will help better insulate your house to keep your home nice and toasty in the winter and comfortable in the summer.

In addition to controlling temperature regulation, you can cut down on your utility usage in a variety of ways. Energy Star certified appliances are guaranteed by federal standards to use less energy when completing normal jobs around the house. Furthermore, you can replace your water consumption by replacing faucet and shower heads with low-flow alternatives. This doesn’t mean you’ll lose the pressure; you’ll just save money on your water bill (and the cost to heat all of that water!) And speaking of insulation and water, a great energy saver to consider is additional insulation of your water heater.  And don’t forget about switching your light bulbs to high efficiency compact fluorescent or LED lamps.

In addition to your appliances and fixtures, homes are now being built with more
sustainable and less harmful materials in an effort to preserve the planet and our health. For example, many houses are being built out of longer lasting materials to reduce the amount of material necessary for repairs. Likewise, low-VOC paints are being used to improve our health and air quality indoors.

As you can see, living in a green home in Denver is important for our health, wallets, and the future of the planet. What’s more- adding green features can raise your home’s value by as much as 10%! For more information on Denver green homes, or Denver real estate in general, be sure to contact me!

Let the professionals at the Bandy Team help you buy or sell a Denver home. Contact us for a no-obligation consultation. If you’re thinking about buying a home in Denver, we can show you some terrific properties in Denver, including homes in CherryCreek, townhomes in Lowry, and real estate in Stapleton. You may also be interested in horse property inElizabeth or Parker horseproperty, and a variety of Parker golf course homes in Canterberry.

Marianne Bandy

Relocate toDenver

This article contributed by Andrew Hill @ Huntsville Homes

The last time bidding wars were common was back in 2006; then the buyer’s market took hold and most Denver home sellers had to settle for whatever they were offered, including lowball bids. But real estate markets in places like Denver, Seattle, Boston, and Washington DC are reporting that bidding wars have begun to happen again, especially in the lower price ranges.

Why the change? According to the National Association of Realtors, sales of existing and pending homes have risen more than 8 percent compared to this time last year, there are fewer homes for sale now than in the last six years, and the improving job market has pulled more potential homebuyers back into the mix. Trulia Inc. reports that low mortgage rates and decreasing home values now mean that buying is a better option than renting in 98 out of the 100 largest metro areas.

It comes back to that basic economic principle of supply and demand. As the supply of available homes decreases, larger numbers of buyers are interested in the same properties—and the bidding wars commence!

Moody’s Analytics Chief Economist Mark Zandi recently stated, “The decline in unsold listings and vacant homes and the increase in rents presage better times ahead for single-family housing.” This is fantastic news for Denver residents and for the housing market in general.

So if you’re looking for real estate in Denver, don’t wait too long to make a move—and be prepared for competition.

Let the professionals at the Bandy Team help you buy or sell a Denver home. Contact us for a no-obligation consultation. If you’re thinking about buying a home in Denver, we can show you some terrific properties in Denver, including homes in Cherry Creek, town homes in Lowry, and real estate in Stapleton. You may also be interested in horse property in Elizabeth or Parker horse property, and a variety of Parker golf course homes in Canterberry.

Marianne Bandy

Relocate to Denver

This report, “The State of Hispanic Home Ownership 2011,” shows that Latinos are poised to become a growing force in the housing market. Their purchasing power reached $1.1 trillion in 2011and is expected to grow to $1.6 trillion by 2016.

There are many factors in play, but probably the most significant is that from 1980 to 2010 the nation’s Hispanic population more than tripled. Also relevant are the group’s young age, its intense employment growth, and increasing incomes.

All of these influences have combined to grow the number of Hispanic homebuyers. Census data shows that of the 545,000 new owner-occupants in Q3 2011, 53 percent were Hispanic. And a Fannie Mae survey indicates that two-thirds of Hispanic renters plan to buy a home.

What all this means is that the new household growth will be greater for the Hispanic population than any other demographic in the U.S., and it “will have an exponential impact on housing sales,” says NAHREP President Carmen Mercado.

Along with everyone in the country, Denver residents have a huge stake in this upcoming shift, as do lenders, real estate agents, and government policy makers. Only time will tell how it all plays out and what effect it will have on real estate in Denver—and everywhere else.

Stay tuned. Investment property in Denver is looking better and better!

Let the professionals at the Bandy Team help you buy or sell a Denver home. Contact us for a no-obligation consultation. If you’re thinking about buying a home in Denver, we can show you some terrific properties in Denver, including homes in Cherry Creek, town homes in Lowry, and real estate in Stapleton. You may also be interested in horse property in Elizabeth or Parker horse property, and a variety of Parker golf course homes in Canterberry.

Marianne Bandy

Relocate to Denver

This year’s Index shows that it’s more affordable to buy than to rent in 98 of the 100 most populous metro areas in the nation, including highly priced cities like New York, Los Angeles, and Boston—but Denver residents have it especially good.

The data is based on the asking prices of both rentals and for-sale homes listed on the Trulia site between December 1, 2011, and February 20, 2012, and also factors in other costs such as taxes, insurance, and maintenance.

According to Trulia, their report “calculates the price-to-rent ratios for 100 major U.S.
metros, after adjusting for attributes of the properties and their locations, to reflect the relationship between sales and rental prices for units with similar attributes in similar neighborhoods.”

A price-to-rent ratio of 15 or less means that buying a home is more cost-effective than renting, especially for those who’ll live in the home at least five years. If you’ll stay less than five years, 10 or less might mean a better bargain depending on moving and closing costs.

Denver’s number for spring 2012 is a fabulous 9.6, down from 10.5 in 2011. This means that it’s more cost-effective to own a home in Denver rather than rent, whether it’s for just a few years or for a very long time. And we’re in the top half of all 100 cities for this data, placing at number 41.

Affordable homes are just one of the many advantages that life in Denver can offer. So whether you’re already here or relocating to the area, skip the rental and buy a home in one of the most vibrant and growing areas of the country.

Let the professionals at the Bandy Team help you buy or sell a Denver home. Contact us for a no-obligation consultation. If you’re thinking about buying a home in Denver, we can show you some terrific properties in Denver, including homes in Cherry Creek, town homes in Lowry, and real estate in Stapleton. You may also be interested in horse property in Elizabeth or Parker horse property, and a variety of Parker golf course homes in Canterberry.

Marianne Bandy

Relocate to Denver

Well, the word on the street continues to be “Inventory, Inventory, Inventory!” Very few times in history have we seen our inventory drop to these kinds of levels without a major shift occurring in our marketplace!  The Pendulum is now starting to swing back in the favor of sellers. The first signs of a recovery are a lack of inventory, demand outpacing supply, and upward pressure on prices!  As you will see in the attached data, inventory is down approximately 40%, while sales numbers are up modestly about 12% year over year. Average Prices, however, are almost flat, which is a welcome change from the price declines of the past few years.  This is the beginning of market confidence beginning to increase, mostly because of an improving jobs outlook.  Some of this increased activity is from pent-up demand, and a fear that interest rates will increase!   This is the beginning of
the next cycle in our Denver real estate market!

Denver Real Estate Market Metrics:

The market momentum that started January 1^st by the release of pent-up demand continued in February.  This is further proof that the metro Denver housing market took another step toward recovery.  What does this mean to you individually? Activity is up and the inventory of unsold homes is down, putting upward pressure on prices, especially for homes priced below $250,000.

• Prices for single family homes priced below $250,000 have risen 4.7% in 12 months.
• We have multiple offers for homes priced below $250,000.
• Single Family and Condo properties Under Contract saw an 8% increase versus 12 months ago.
• Average Days on the Market in February 2012 – Properties are selling faster by 15.32% over last February 2011.   Shorter time on the market now means brisker sales in the future.
• Prices have risen year over year for the third month in a row.

Monthly Market Recap:

February Year-to-Date Market Recap (2012 versus 2011):

February 2012 Ytd. Homes Sold By Price Range:

The top four price ranges for sold Single Family homes are in order:  (1) $200,000 to $299,999, (2) $300,000 to $499,999, (3) $150,000 to $199,999, and (4) $110,000 to $149,999.

The top four price ranges for sold Condo homes are in order: (1) $0 to $109,999, (2)
$110,000 to $149,999, (3) $150,000 to $199,999, and (4) $200,000 to $299,999.

Remember, real estate is always local.  While the above is a representation of the Denver real estate market as a whole, please contact me to better understand your specific real estate market.

Advice to Sellers:

Thinking of putting your home on the market?  Here are some things to consider:

• Have a pre-sale home inspection completed so you have an indication of those areas that will stand out to potential buyers.
• Organize and clean by paring down the clutter, and cleaning the windows, carpets, walls, lighting fixtures, and baseboards.
• Get replacement estimates so you know the specifics before price negotiations begin.
• Find your warranties and manuals.
• Spruce up the curb appeal of your home to create a positive first impression.
• Consider staging the home.  Buyers’ senses must be engaged using lighting, music, scents, and colors.

Sellers can improve their chances of getting a house sold by sprucing up both inside and out which will create that lasting first impression.

Is now a good time for your home to be on the market?  As Real Estate is local, contact me to discuss the options available to sell your home during 2012.

Advice to Buyers:

If you’re in the market to purchase a home, here is a list of things to consider when
preparing for homeownership:

• Decide what you can afford.
• Develop your home wish list.
• Select where you want to live.
• Start saving.
• Get your credit in order.
• Determine your mortgage qualifications (how much house can you qualify for?).
• Get preapproved.
• Weigh the sources of your down payment and closing costs.
• Calculate the costs of homeownership.

Want to learn more?  CALL ME TODAY!

Let the professionals at the Bandy Team help you buy or sell a Denver home. Contact us for a no-obligation consultation. If you’re thinking about buying a home in Denver, we can show you some terrific properties in Denver, including homes in Cherry Creek, town homes in Lowry, and real estate in Stapleton. You may also be interested in horse property in Elizabeth or Parker horse property, and a variety of Parker golf course homes in Canterberry.

Marianne Bandy

Relocate to Denver

A Manpower spokesperson said that employers nation-wide expect stronger employment forecasts versus one year ago. But when compared to the nationwide numbers, Denver is well above the average.

Of the 140+ Denver-area employers who were interviewed about the next quarter’s hiring plans, 18 percent plan to hire more employees and none have expectations to reduce staff levels. About 78 percent of employers will stay at current workforce levels, with 4 percent uncertain about their hiring strategies. This is great news indeed for those living in Denver and for anyone looking to sell their home. Home buyers should be having more confidence.

Numbers for the 18,000 employers surveyed across the country were a bit lower: 18 percent will add employees in Q2 2012, 6 percent will decrease their staffs, 72 percent will make no changes, and 4 percent are undecided.

In terms of the Net Employment Outlook (job gains less losses), the national number falls out at 10 percent while the number for Denver is an outstanding 18 percent.

According to the report, the best job opportunities in Denver will be in construction, durable and non-durable goods manufacturing, transportation, utilities, information, financial activities, and wholesale and retail trade. Employment will remain flat in education and health services.

Life in Denver really does have it all—beautiful nature, great activities, and employment opportunities that best most other cities in the country.

Let the professionals at the Bandy Team help you buy or sell a Denver home. Contact us for a no-obligation consultation. If you’re thinking about buying a home in Denver, we can show you some terrific properties in Denver, including homes in Cherry Creek, town homes in Lowry, and real estate in Stapleton. You may also be interested in horse property in Elizabeth or Parker horse property, and a variety of Parker golf course homes in Canterberry.

Marianne Bandy

Relocate to Denver