Why does the public think of real estate agents as salespeople? Why does the industry think of itself that way? I suppose it is because we imagine that real estate agents sell houses in the same way that car dealers sell cars. In contrast, we don’t think of lawyers or doctors or accountants as salespeople. Why? When it comes right …
Inventory is low … blah, blah, blah. Home prices are rising rapidly … blah, blah, blah. This is the news you’re probably hearing about the current real estate market in metro Denver. We’ve commented on these well-known trends ourselves over the last few months. Here is another current market trend that has received less attention: fewer sales have occurred so …
We’ve commented favorably in the past on the Trulia calculator that helps you understand the true costs of buying versus renting a home. Now the New York Times (NYT) has weighed in with their version of the rent/buy calculator. Bottom line: Second versus, same as the first. The NYT calculator gives a similar answer as Trulia. Buying beats renting by a wide margin …
Is it deja-vu? Have we seen this movie before? The metro Denver real estate market has made a dramatic turnaround — going from a buyer’s market to a seller’s market in short order. With prices rising dramatically, is this just another bubble that is going to come crashing down? Not necessarily. Historical perspective shows this. The accompanying chart shows the …
Multiple offers on a given property become common any time we enter a strong seller’s market. This phenomenon can create frustrations for buyers. Less appreciated is the fact that it can create headaches for sellers too. This multiple offer situation is new in the sense that it is different from what we experienced in 2008 through 2012. However, it is not …
Imagine you are back in high school and that you play chess about once a year. A nerdy guy asks you if you want to play chess. It just so happens that behind those pimples and thick-rimmed glasses and pocket protector is the president of the school’s chess club. How’s that going to work out for you? This situation pretty …
What can an agent do for you with a new home purchase? Your Agent is Paid by the Builder: The builder will pay the fee due to your agent with no increase to the purchase price of the property. Negotiation Expertise: Builders, like every seller, may be negotiable on the sales price. An agent can help you determine when …
Repositioning. What is it? You own a house. You need to sell it to buy another because the one you own is too small, too large, too old or in the wrong area. Or, you’re just tired of it. Or, there has been a marriage, a divorce, a death, a job change, or … well, the list is endless. Repositioning is …
Those thinking of buying a home may want to get that done as soon as possible. Rising home prices along with rising interest rates are the two factors that are creating this urgency. According to most recently published statistics for the Metro Denver real estate market, residential mortgage rates have risen by approximately 1% on a 30 year fixed loan …
Here is a piece of conventional wisdom about real estate: It is slow in the winter. The holidays are busy. People are preoccupied with other things. No one is thinking about real estate. Not so fast. The stats tell a different story. If we look at the winter months of late December thru late March, it is not uncommon for …
Some research by Trulia caught my eye recently. It presented an in-depth analysis of buying/owning a home versus renting. It did this analysis for dozens of markets across the country and concluded that buying beats renting in most cases. Unlike so many of the articles I see on this topic, I thought Trulia did a valid kumquats-to-kumquats comparison (apples-to-apples is …
A previous post explained why buying a home is more financially advantageous than renting in the current Denver market. It was an argument made in a Trulia post I read recently. As good as it was, the article left out one variable that I wanted to explore a bit — namely, appreciation in the value of the home. In the Trulia piece, …