Market Updates

Last month was the most difficult month ever to buy a home in Metro Denver. Low interest rates and a desire for more space propelled buyers into the market. Record low inventory, stricter lending standards and high home prices made the market extremely competitive. It was difficult for many buyers to get the homes they […]

Every home in America just got a flood-risk score. Your home – and any home you may purchase – has an easy-to-access “Flood Factor” score that “is an indicator of its comprehensive flood risk” and shows a property’s “likelihood of flooding and the potential depth of that flood.” FEMA flood maps can be unreliable predictors of future flooding and

There still aren’t enough homes for sale in Metro Denver to satisfy buyer demand. Statistics for July indicate scarcity of choice was one reason detached homes sold at a record average price last month – $601,863. This is nearly ten percent higher than a year ago (9.92% to be precise) and up 7.68% compared to June.

Last week, we mentioned that some analysts believe home prices will decrease in the metro area by next May. Even if prices do decrease, it may make sense to buy a home now rather than wait. The biggest reason for this is interest rates. Interest rates for 30-year mortgages hit record lows last week, going below

California’s CoreLogic, a data and analytics company, just released their Home Price Insights report, designed to predict what will happen with housing between now and May 2021. The report predicts home prices will decrease 6.6% from May 2020 to May 2021, the first year home prices have declined nationally in more than nine years. The report suggests

June numbers are out. As the economy opened, a combination of low interest rates, pent up demand and low inventory led to more homes being under contract than came on the market. 7,676 homes went under contract last month. That’s a record high, up 27.38% compared to June 2019 and 16.25% higher than May 2020.

Market Update, May 28, 2020 Mortgages are on our minds again this week. Rates set a new record low for the third time in three months. The average rate for a 30-year fixed mortgage fell to 3.15% this week. In fact, Freddie Mac data over the past five decades shows this is the lowest rate recorded.