PAUL’S REAL ESTATE NEWSLETTER – JANUARY 2014
2013 YEAR IN REVIEW
2013 was a record breaking year for Denver’s real estate market. The housing recovery is holding firm and home prices have surpassed their pre-recession (fall 2006) levels!
- Average sales price increased 6.3% to $307,987
- Number of homes sold increased 17.0% to 55,639
- Days on market decreased 26.4% to 53 days
- Number of homes for sale decreased 16.4%
The inventory of foreclosures and short sales, for the most part, were absorbed in 2012 and 2013. With distress homes sales no longer having a significant impact in the market and with the return of the move-up buyer, the outlook for real estate in 2014 is bright!
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WHAT COULD POSSIBLY GO WRONG?
As I reflected on my clients’ 2013 real estate transactions, whether they were selling their home or buying a home, I realized a majority of the transactions were complicated for one reason or another. The good news is, each and every one of my sellers successfully sold their home and each and every one of my buyers successfully purchased a home. Below is a list of just a few of last year’s challenges:
MY LISTINGS
- Buyer’s inspector damaged my seller’s plumbing system during the home inspection
- Buyer and my sellers terminated the purchase contract 3 days before closing after buyer trespasses in home
- Family divorce
MY BUYER CLIENTS
- Purchased a foreclosed home through broker auction with one shot at an offer
- Buyer’s lender refuses to honor buyer’s appraisal
- Buyer’s lenders failed to approve buyer’s loan by date specified in the purchase contract
- Buyers purchase all of seller’s home furnishings
Buying and selling a home is not as easy as signing a purchase contract and showing up to closing. You need a real estate professional, competent in dealing with the unexpected to assist you in your real estate transaction.
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DECEMBER 2013 REAL ESTATE MARKET TRENDS
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REAL ESTATE NEWS
Record-setting year for metro Denver home sales Read More
Real estate trend: Young families from expensive U.S. coastal cities moving to Denver Read More
Controversial Incentives package for Castle Rock’s Promenade project. Read More
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COMMERCIAL REAL ESTATE NEWS
Denver ranks as a top ‘market to watch’ for commercial real estate Read More
Construction activity bolsters Denver’s industrial market Read More
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INVESTOR NEWS
Denver-area apartment rents are expected to keep climbing in 2014 Read More
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FORECLOSURE NEWS
Colorado foreclosures in 2013 down 54% from 2012 Read More
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ECONOMIC NEWS
Minnesota’s Hamon Deltak is moving its HQ to Colorado, expects to add 120 jobs locally Read More
U.S. bankruptcy filings lowest since 2007 Read More
Colorado auto dealers saw great November Read More
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OTHER NEWS
Colorado’s population has grown 4.76% since 2010 Read More
Colorado has 113,914 millionaires! Read More
Denver a top city for job seekers Read More
CDOT to build I-70 ‘peak period’ lane through Idaho Springs to relieve some ski traffic congestion Read More
Fiddler’s Green to undergo major overhaul Read More
Trader Joes to open February 14th Read More