Denver Housing Market

Denver Homes Spend Fewer Days on Market

moving 3Denver tops the list of more than 140 metros where homes are on the market for the fewest number of days,  according to realtor.com®’s National Housing Trend Report for March. In the Denver area, the median number of days on the market is 25, far below the national average of 102 days.

Realtor.com®’s report shows the following 10 metro areas with the lowest median days on the market:

  1. Denver: 25 days
  2. Oakland, Calif.: 27 days
  3. San Jose, Calif.: 31 days
  4. San Francisco: 33 days
  5. Seattle-Bellevue-Everett, Wash.: 38 days
  6. Boulder-Longmont, Colo.: 42 days
  7. Anchorage, Alaska: 43 days
  8. Stockton-Lodi, Calif.: 48 days
  9. San Diego: 51 days
  10. Austin-San Marcos, Texas: 52 days

Source: “Realtor.com® Report: Higher Inventory a Welcome Sign for Spring Buyers,” realtor.com®(April 17, 2014)

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Colorado’s Foreclosure Inventory is Very Low

Bidding WarThe foreclosure picture is improving across the country. According to new data released by CoreLogic, the national foreclosure inventory dropped 31 percent year-over-year in December (2013), the 12th consecutive month of declines. Thirty-six states now have foreclosure inventories that are below the national rate.

Here are nine states with the lowest foreclosure inventories in the country, all of which are less than 0.7 percent:

  1. Wyoming
  2. Alaska
  3. North Dakota
  4. Nebraska
  5. Colorado
  6. California
  7. Minnesota
  8. Montana
  9. South Dakota

Florida, New Jersey, and New York have the highest foreclosure inventories.

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3% Mortgages – A Thing of the Past?

Mortgage rates are on the rise!  Doug Duncan, chief economist for Fannie Mae says “It’s unlikely that rates will ever be that low again.”  Here is what is finally pushing the interest rates up:

  • The Fed is no longer going to stop rates from rising.  The Fed has kept rates at their lowest levels by buying up billions of dollars in Treasury bonds and mortgage-backed securities.  This has allowed lenders to offer low interest rates and still make money on the loans.  It was expected that the Fed would slow its purchase of bonds and securities by the end of the year, it now looks like that could happen at any time.
  • The economy is not as bad as it once was.  During the recession the Fed lowered interest rates to stimulate the economy.  Since conditions have improved and the market believes the economy is getting stronger, the Fed will be less likely to lower the short term rates and they will start to creep up.
  • Jobs have also picked up.  This is another good marker for the economy, although slow, hiring is advancing rather than retreating.

These factors along with mortgage interest rates in the 3% range are just about unprecedented and will kick interest rates up.  Just today, rates have surpassed 4%.  The good news is that even if the rates rise a full point or two they will still be historically low.

Source:  money.cnn.com – Why 3% Mortgages are a Thing of the Past

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Senior Property Tax Exemption Reinstated

Senior Property Tax Exemption Reinstated – Good news for seniors,  the Colorado State Legislature reinstated a property tax exemption for seniors.  Following a three-year suspension, this tax exemption is for the 2012 tax year, payable in 2013.  So mark your calendars for July 15th!  Applications for a Senior Property Tax Exemption  must be received by the Assessor’s Office by July 15th for the first year that you are applying for the exemption. 

Save 50%

Seniors Claim Your Property Tax Exemption

How Does The Senior Property Tax Exemption Work?

Qualifying residents who are 65 years or older will see 50% of the first $200,000 of actual value in their primary residence exempted from property tax.  One owner must be 65 years of age or older, and must have occupied the home as a primary residence for at least 10 consecutive years prior to Januay 1, of the year in which application is made.

What If  A Senior Has Already Applied Under A Previous Exemption? It will automatically carry over from year to year as long as nothing has changed in ownership or occupancy.  The County Assessor’s Office should be able to assist seniors with completing an application. They should also be able to verify if the senior’s property was already approved for the previous senior property tax exemption.

For an application form or more information?  Contact the Assessor’s Office for the County in which you live.

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