BUYING A
HOME YOUR COMPLETE GUIDE
PRESENTED BY
H E AT H E R R E E D
HEATHER REED BROKER ASSOCIATE
303.731.7034 (c) 303.799.9898 (w) 303.355.7581 (f) heather.reed@remax.net Click below to connect with me and read my reviews!
10111 Inverness Main Street, Suite P Englewood, CO 80112
ABOUT HEATHER Heather epitomizes hard work, integrity, and energy. Growing up in a family of entrepreneurs, and with a father who owned a residential development and contractor’s business, she is surrounded by savvy business people dealing in real estate. Heather has personally managed investment properties and loves envisioning the possibilities. She thrives on helping others buy and sell real estate, owns rental property, and is passionate about aiding others in making wise financial decisions and investments. Heather grew up in Parker and Castle Rock and now lives in Centennial. She has watched the Denver market grow and expand. With a first profession as a personal trainer, she’s always up for a challenge and is not one to back down. Married to a pastor and with two amazing kids, Heather and her family can be found out in their community and having outdoor adventures from hiking, to camping, to biking. From the first phone call to closing your home, Heather has attention to detail and will keep you informed throughout the entire process. Heather is a straight shooter who works relentlessly for her client's best interests. She has integrity, diligence, determination, energy, and passion.
"I’ve worked with 5+ Realtors over the last decade and Heather is by far the best. Originally I asked her to be my Realtor because of her personal knowledge and experience with real estate investing, but I quickly learned that Heather also was incredibly friendly, patient, and knowledgeable of all other areas of real estate I needed her help on. Most importantly to me, Heather was transparent with me when she thought I SHOULDN’T buy a place, which gave me 100% trust that she was trying to help me do what was best for me, and not just try and push a sale." – Jack D. "Heather made the process of buying a home a very pleasant experience! As a first time home buyer, she helped me understand everything there is to know about purchasing a home, and she made it look easy. She was always prompt, available, and thorough. It was a joy working with her, and I would do it again with my next home!" - Erick T. "We could not have asked for a better home buying experience with Heather! She is knowledgeable, experienced, and a joy to be around. She made the process easy and informative. We recommend her to all our friends and family!" – Erika H. "Heather made our first time home buying experience so enjoyable! She invested so much time and effort into helping us find the right home for our needs and wants. When we found the right home, she made the logistics (offers, contracts, negotiations, paperwork, etc.) a seamless process. Even now, a year later, Heather continues to be a resource for our real estate needs/questions and is a friend we are so grateful to have!" – Megan K.
CONTENTS Introduction - Welcome to Buying a Home The Home Buying Process Why Choose a Professional 3 Establish your Financing 4 Define Your Goals 9 Research Your Options 10 Make Your Plans 15 Look For A Property 17 Negotiate An Offer 19 13 Opportunities to Remove Contingencies
21
Prepare For Closing 22 Move In 24 Common Mistakes for Home Buyers
30
Frequently Asked Questions 31
INTRODUCTION Welcome to Buying a Home The buying process is a combination of excitement, stress, and new experiences; whether you are a seasoned home buyer, property investor, or this is your first time buying a home. The simple fact is that buying a home is rarely a purchase that people make on a regular basis, which is why it is crucial to have an expert consulting you at each step of the process. This Buyer’s Guide is intended to give you a resource that will help you define your goals, research your options, and navigate you through the process so that you can make informed decisions. When you buy a home, it should be about YOU: • Your dreams • Your requirements • Your financial situation • Your time • Your lifestyle choices • Your concerns
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1 WHY CHOOSE A PROFESSIONAL Commitment and Dedication You’ve looked through realtor.com and are addicted to Zillow. If you have all this information available at your fingertips, why not just find a house yourself? 1. ACCESS TO THE MLS Websites like Realtor.com and Zillow are mainly third-party websites. Aside from properties they own, they are pulling their information from the source – the “MLS.” The Multiple Listing Service is powered by the REColorado and is where properties are listed for sale by professionals. It is an agent’s legal obligation to keep this information accurate and up to date. When you use a professional, you have real time access to the MLS. 2. UNDERSTANDING CONTRACTS The contract to buy and sell real estate alone is 20 pages long! It has serious legal ramifications. Know what you are agreeing to and how it could impact you. A professional will be able to explain the contract line by line, as well as protect you from contractually committing to terms that may not be in your best interest. Throughout the process, there will be many disclosures and additional documents to be signed. Seek legal counsel for anything you don’t understand!
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3. PERSONAL ADVOCATE The listing agent is the professional who is assisting the seller with their end of the transaction. Remember, this person is working for the seller’s best interest! They want to get the seller the highest sales price and terms that are most favorable for their interests. A buyer’s agent is there to represent you, take care of your needs, and negotiate terms that are in your best interest. And the best part? These services are free to buyers. A buyer’s agent commission is paid by the seller at closing. 4. NEGOTIATION EXPERT A real estate transaction can be an emotional and stressful experience. A real estate professional is able to look at the transaction through a cool and objective point of view. A professional is also equipped with a toolkit of negotiation experience and knowledge to explain each term of the contract, advise on available options, and work with you to ensure that you receive the best price and terms for your home purchase.
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2 ESTABLISH YOUR FINANCING Why getting pre-qualified matters: No matter your prior experience, circumstance, or reason for buying, it is always in your best interest to be pre-approved for a loan before starting the search for a home. Current rates, approval, and unexpected challenges should be addressed before buying. The pre-approval process involves meeting with a lender and authorizing them to examine your current financial situation and credit history, which results in the amount and rate that you will be able to borrow.
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BENEFITS OF PRE-APPROVAL • Knowing what you can afford enables you to plan accordingly — it allows you to understand how much you will be lent and how much you can afford to pay each month. • As a qualified buyer, you will be taken more seriously when you make an offer on a home. • You are able to take time to understand the short and long-term implications, allowing you to make informed decisions and research your options 2 IMPORTANT QUESTIONS • How much are you comfortable with for a maximum “all-in” mortgage payment? • What is the maximum dollar amount you are comfortable spending “all-in” to buy a house?
3 PARTS TO PRE-QUALIFICATION • Credit: Score, derogatory items, and debt reported • Debt/Income: Ratio allowed can vary on loan programs • Debt- payments, type of debt, child support/alimony, etc • Income- salary, hourly, self- employed, bonus, commission, etc. • Down Payment: Savings/checking, retirement, gift funds, etc. MISCONCEPTIONS OF LENDING • I need 20% or more to put down to make it worth getting into a home. There are minimum down loan programs available. Cheaper than rent. • My credit is bad. How bad? – Get a FREE credit report and look at low score options • I don't have a lot of income so I can’t buy. You might be surprised as there are many low income options. • I have to be at my job for two years. There are programs to qualify you off an offer letter!
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CHOOSING A LENDER It is important to understand how to choose a lender that will meet your needs and have your best interest in mind. Whether it is loan programs, costs, rates, or ability to close on time, you need a reputable lender that is good at what they do. They are a key team member to get you into a home!
Questions to Interview Your Lender - The ones no one told you to ask! • Are you a broker/banker/or mortgage banker? Not all lenders have their own funds to lend but just “originate” loans, which makes them the “middlemen.” This can be problematic as they can have less control over approvals. Others can help you with a car loan, lines of credit, credit cards, or bank accounts, and don’t specialize in mortgages. This sounds great as a one stop shop, but mortgages are complicated enough that you want a specialist. • In-house processing, underwriting, and funding? You want your lender to have as much control of the whole process as possible. If they are the middleman or waiting on other third parties throughout the whole process, you might find delays or surprises. Many lenders do everything from start to finish under the same roof. • Additional underwriting criteria or rules for loan approvals? Fannie Mae/Freddie Mac/ VA/FHA/Portfolio Lending are all agencies that make rules and guidelines for lending. However, many lenders add their own more restrictive guidelines and rules to the basic guidelines. Even if you are a solid buyer, this can add additional hurdles or problems as you progress in home buying.
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• What loan programs do you offer? Many lenders have just a few common programs, mortgages should not take on the “one size fit all” philosophy. You do not want to miss the right program with a lender that does not offer them. • How many loans does your Loan Officer actually close? Just because you are talking to a loan officer with a license number does not make them good at what they do. Look at what clients are saying and ask them how many loans they actually close. You want a loan officer who knows how to get you to the closing table. It will show in the numbers! • Are you paid, on commission, or salaried? While many people would assume that salaried lenders are the best option, they also have no incentive or motivation to get you closed. They are paid whether you close on your house or not. Commissioned loan officers have motivation and incentive to make sure you close on time and are generally comparable or less in cost. Always compare the fees, rates, and motivations! • Does your lender have a team or do they do everything themselves? As we know with anything in life, everyone is better with a team. Each person plays a significant role in the process of buying a home and teams help get things done!
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RENTING VS. OWNING Year
Annual Rent
Annual Payment
Federal Tax Savings
Estimated Value
Loan Balance
Estimated Equity
1
$18,000
$37,664
$3,606
$566,500
$485,500
$81,000
2
$18,540
$37,664
$3,555
$583,495
$475,663
$107,832
3
$19,096
$37,664
$3,503
$601,000
$465,475
$135,525
4
$19,669
$37,664
$3,448
$619,030
$454,926
$164,104
5
$20,259
$37,664
$3,392
$637,601
$444,001
$193,600
6
$20,867
$37,664
$3,334
$656,729
$432,687
$224,042
7
$21,493
$37,664
$3,273
$676,431
$420,971
$255,460
8
$22,138
$37,664
$3,211
$696,724
$408,838
$287,885
9
$22,802
$37,664
$3,146
$717,625
$396,274
$321,351
10
$23,486
$37,664
$3,079
$739,154
$383,263
$355,891
Total
$206,350
$376,635
$33,545
$739,154
$283,263
$355,891
Loan Type Conventional Sales Price
Term
$550,000
30 Years
Rate
APR*
3.500%
3.773%
Down Payment
Closing Costs
$55,000
$4,141 -8-
3 DEFINE YOUR GOALS Determine Why You Are Buying a Home Is it a permanent place for you and your family, an investment, or a second home? Whatever the reason, it is important that you buy with an eye on the resale investment potential. Why has buying a home also become such an investment opportunity? • Home appreciation: homes have been appreciating in Denver at an average of 6% per year!
• Housing is typically considered to be a stable investment, offering good rates of return.
• Paying down principle: every month when you make a mortgage payment it is like making a deposit into your own savings account.
• Low interest rates over the last 10 years have made mortgages affordable.
• Tax advantage: you can deduct interest payments on your mortgage when it comes to tax time! • No one can predict the future, but over the last 25 years the average price of a home has risen substantially. • Land has become a decreasing resource, especially in and around major cities and cultural hubs, which has created the demand.
• Money that pays a mortgage turns into equity that can be used to finance other opportunities. • Demographics and immigration have always been major factors in influencing investment opportunities. • It is not always necessary to sell your home just because you are moving; depending on the equity created it may be possible to offset the remaining mortgage by renting out the property.
Investing your time to understand your local market and its influences could pay large dividends.
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4 RESEARCH YOUR OPTIONS Understanding Property Types Understanding the fundamentals is not only important but necessary when considering a variety of types and sizes. Each type of property offers their own advantages and disadvantages.
HOUSE The most popular style and the most solid investment is a free-standing, detached home on its own lot, which offers a greater degree of privacy. Typically homes and the land are owned completely by the homeowner and therefore completely their responsibility to manage and maintain.
SEMI-DETACHED/DUPLEX A single-family home that is joined to another one by a common wall. It can offer many of the advantages of a single-family detached home and is usually less expensive to buy and maintain.
TOWNHOUSE/ROWHOME A single-family home joined by common walls, but offering less privacy while still providing a separate outdoor space. These homes can cost less to buy and maintain, but are typically subject to homeowner associations that are responsible for maintenance and management, which can cost an additional fee per month.
CONDOMINIUM/APARTMENT Refers to a form of legal ownership as opposed to a style of construction. Owners do not have complete control over their property, being subject to homeowner’s association rules; however, the maintenance and management of the building are taken care of, and in many cases, there is an increased level of security. - 10 -
DETERMINE WHAT YOU CAN AFFORD AND WHERE Buying and financing a home are closely related, so it is very important to review your current financial situation to understand how much you can afford. Three key components that determine the start of all searches: 1. LOCATION – where do you want to live? 2. TYPE – what type of home do you want? 3. PRICE – what can you afford? Only you can determine the importance of each. Once you start to research your options, you will soon know if your expectations are realistic. LOCATION, LOCATION, LOCATION Why does location matter so much? For starters, you can’t move a home — at least not easily or inexpensively. When you buy a home in a good location, it is usually a solid longterm investment. Perhaps more than ever, location is the key factor in driving price increases. In a strong housing market, homes in particularly desirable areas are more likely to see above average price increases. In weak housing markets, homes tend to retain their value better.
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5 Characteristics That Make a Good Location 1. A SAFE NEIGHBORHOOD The most desirable homes are in communities with little crime, where neighbors interact, and are safe to walk freely. 2. GOOD SCHOOLS Being in a good school district is ideal, even if you don’t have kids, because that is where young families will always buy. 3. CONVENIENCE The easier access is to the main features of the community, the more valuable the home. 4. VIEWS No matter which town or city, someone will always pay for a great view or to be near their favorite recreational activity. Put a home on a hill with panoramic views or offer the upper floors in a high-rise, and you have a great selling point. 5. NO INTERMITTENT NOISE Being located near noise, whether on a busy street, close to a fire station, hospital, airport, or local school is generally considered a negative. These intermittent noise factors can be missed when looking at a home and not reviewing your location fully.
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UNDERSTANDING MARKET VALUE Your real estate professional is your ally. They will do their research to make sure you are not overpaying for a home. The current selling price of a home does not mean that a property is ‘worth’ that amount to you – market conditions and what a buyer is willing to pay for a property affect the true value of the home at any moment in time. When deciding the value of any property, the following criteria should be considered: • Location of the property • Condition of the property • Buyer demand
• Current prices of similar properties • Recent sales of competitive properties • Availability of financing
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5 MAKE YOUR PLANS After answering the following questions, you will be in a great position to research your housing and mortgage options as well as creating the appropriate action plan and timeline for moving forward. SET YOUR PRIORITIES • What do you want from a home? • What does your family want from a home? • Do you want a turnkey home, or would you prefer to renovate? • Choose the top five ‘must-haves.’ • Choose the top five ‘would-likes.’ • Are you pre-approved for a mortgage? • What can you afford on a monthly basis? • When is the ideal time to move?
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6LOOK FOR A PROPERTY THE INTERNET 95% of all buyers use the internet to start their home search - typically taking an average of 12 weeks to research the possibilities they believe their budget can match. YOUR REALTOR Your Realtor will assist you with narrowing your search by reviewing your ‘must-haves’ and ‘would-likes’ – making recommendations based on their experience and local knowledge. A Realtor also has access to: • Previewing new properties at Realtor open houses and broker tours. • Technology that automatically sends you new home matches – so you never miss a new listing. • Working within their network to find new properties not even listed yet. • Every home in your preferred community, including “for sale by owner,” discounted brokerages, expired listings, or homes not actually on the market, but that are known to suit your requirements. • Emailing specific home requirements to agents in the area, so they know that you are a qualified buyer. PRINT MEDIA Newspapers and real estate magazines still provide a platform that features homes. Not every home is listed on the internet, and sometimes your search can miss that hidden gem because it is not online. PROPERTY VISITS Visit open houses and new home developments; you can learn a lot by seeing what is on the market. - 17 -
BUILDING A HOUSE HUNTING CHECKLIST In the hunt for a perfect home, it’s easy to forget the important priorities when you see a stunning feature or are overwhelmed by all the choices of homes you have visited. Use this checklist to help you stay organized and focused on the important criteria during your search: Make a comparison chart for viewing: Size Positioning of the living spaces General size of rooms Kitchen style and appliances Bedrooms Bathrooms En-suites Garage space(s) Backyard Landscaping Condition of roof, exterior Storage space Natural light
Investigate for damage - lift up rugs, look under furniture, in the back of cupboards, etc. Look at every detail from floor to ceiling, to including window trims, under sinks, bathroom tiles, etc. Look outside – understand the landscaping and the layout of other homes around the home, traffic, parking, noise, etc. View property at different times of the day Take a moment to envision how you would use the space – does it fit your everyday needs? Who are your neighbors?
Do you feel an emotional connection? Take a tour of the home and do a second walk-through without emotion. Become the How long has the house been on the inspector and look beyond the surface: market? Will your furniture fit? Is it priced to sell? View floor plans. Not available? Measure Compare its price to others sold and draw your own! on the market Open cupboards, doors, attics, basements, What is the resale potential? and storage cabinets. - 18 -
7NEGOTIATE AN OFFER When you have found the right home, it is time to prepare and draft an offer of purchase. This offer protects and represents your interests, while remaining legally binding on final acceptance. There are many components to an offer, and your REALTOR® will explain the entire process so that you are comfortable with the steps involved. An offer can be drafted with or without conditions; an offer without conditions is known as a firm or subject-free offer, and one with conditions is known as a conditional offer and, in effect, protects one party with the placement of certain conditions on the purchase. POINTS TO CONSIDER IN YOUR NEGOTIATIONS: • The condition of the home • Length of time it’s been on the market • Buyer activity • Location • Urgency of the seller The seller may accept your initial offer, reject your offer, or present a counter-offer. The counter-offer may differ from your original offer in respect to price, conditions, the closing date, or any other items. Offers can be countered back and forth between the parties until one of you accepts or rejects, ending the negotiations altogether.
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Typical Conditions to Include FINANCIAL TERMS • Mortgage approval • Seller pays a fixed percentage or dollar fee towards closing costs • Seller pays towards specific closing fees - Title Search or Transfer Tax HOME INSPECTION • Full access and inspection by a certified inspector • Electrical, water, heating, roofing, and any infestations should all be investigated thoroughly • Costs paid by seller for any repairs over a specific amount • Certain repairs to be completed and approved before purchase CLOSING DATE • Typically dated to give you and the seller the time required to complete the purchase transaction • Related to the sale of your present property or the remaining term of your rental lease • Subject to the seller’s flexibility to move INSURANCE • Most mortgage companies require home insurance prior to approval TITLE SEARCH • Ensure the Property Title is in the name of the seller or seller's trust • Free from any claims against it, either liens or ownership • If there is any ‘right of use’ on the property - 20 -
813 OPPORTUNITIES TO
REMOVE CONTINGENCIES Colorado is a Buyer Protected State Once both parties accept the sales contract and its contingencies (that is, any conditions either party may be subject to), they will start to work towards removing these conditions. Your REALTOR® will advise you on what contingencies you can remove based on the results once the appropriate due diligence has been completed. Ideally, both parties should have been able to negotiate a reasonable time in which to remove these conditions. It is important to understand the options available to you should one of your conditions not be removable prior to the contract date. This does not automatically mean that the ‘deal is dead’ – having a REALTOR® who is a good negotiator and who will work with the seller’s agent to find a solution is key. Equally, conditions that the seller needs to address can also be provided with extensions – particularly important when a problem is found during the house inspection.
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9PREPARE FOR CLOSING After all the contingencies have been removed, it becomes the responsibility of the legal and financial institutions to prepare all the necessary paperwork. Should there be any issues, your REALTOR® will contact you. Closing day marks the end of your home buying process, and the following items should be brought to the closing: • Prepared Wire Transfer • Photo IDs At closing, you will sign all your legal documents, including paperwork relating to your mortgage and the transfer of ownership of the property. When closing is finished, you should have the keys to the property and a copy of the documentation that relates to the property — including a statement of costs, a statement outlining your mortgage terms, your mortgage note, and a copy of your deed of trust. At the end of closing, the deed will be taken and recorded at the county clerk’s office. It will be sent to you after processing.
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What to Expect When Completing a Purchase MORTGAGE INSURANCE AND FEES • A fee for running your credit report • A loan origination fee – lenders charge for processing the loan paperwork • Appraisal fee • Underwriting fee – cost of evaluating a mortgage loan application • Survey fee – covers the cost of verifying property lines
ESCROW DEPOSIT HOMEOWNERS INSURANCE LEGAL FEES • Attorney or Escrow fees • Notary fees TITLE FEES • Title insurance, which protects the lender in case the title isn’t clean • Title search fees, which pay for a background check on the title to ensure there aren’t things such as unpaid mortgages or tax liens on the property INSPECTION FEES • Home inspection fee • Pest inspection fee • Home warranty
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10MOVE IN Moving into a new home is an exciting time, but it can also be stressful. Whether you are doing it yourself, asking friends for help, or hiring professionals, this moving guide will provide you with some great insight: TIP: Make arrangements to see the new home the day before you close to ensure the home is in the condition per the contract agreement. • Have your mail forwarded to your new address through USPS. • Have all utilities turned on in your name. • Set up trash removal and internet, if applicable.
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YOUR CHECKLIST Hire a moving company or rent a truck. Book early – especially if you are moving at the end or beginning of the month.
Be present when the truck is being loaded and unloaded, just in case your movers have questions.
Order boxes and moving supplies.
Change your address – post office, banks, cable, Internet, phone, insurance company, utility company, credit card company, doctor and dentists, and any subscriptions you may have.
Time to start packing! To make it easier, begin with items in your home you do not use regularly. Pack room by room. Be sure to label the outside of the boxes with which room the box is going, and a quick checklist of the items inside – this makes unpacking much easier. Make a list of the items that need extra attention during moving. Label boxes as "FRAGILE" as needed. As you pack, make notes and photograph items of significant value for insurance purposes.
Pack a travel bag with the items your family may need on moving day such as toothbrushes, a change of clothing, medications, hairbrushes, soap, toilet paper, towels, etc. Arrange for cleaners for the new home and old home. Even if the previous owner hires a cleaner – that extra touch before you arrive makes your new home feel fresh and ready.
Prepare a detailed map and directions for your movers, including a cell phone number where you can be reached on moving day.
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THE HOME BUYING PROCESS
The first time you pay money
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DON’T BE SURPRISED! Searching for a home is an exciting and emotional time! However, don’t be surprised if any of the following occurs during our time working together. • The first offer we write may not be accepted. Denver is a very competitive market for buyers. We may get outbid, or another offer may have more acceptable terms or contingencies, or a more favorable type of financing for the seller’s needs. Don’t get too attached to a home before closing. We will find a great fit for your needs! • Once going under contract, you have the right to a physical property inspection. It is very normal for multiple items to show up on the report. This is the time we have the option to re-open negotiations. Don’t be surprised if the seller doesn’t agree to everything we ask.
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• After we are through inspection resolutions, your lender will order an appraisal. Don’t be surprised if the property doesn’t appraise for the full offered price. This is our opportunity to negotiate terms. • Your lender may need additional documentation for your loan. • In the state of Colorado, buyers have the right to terminate the contract for legitimate reasons. This may happen. Sellers do not have the right to terminate once going under contract. • The closing date may end up being extended for any number of reasons. • There are many moving pieces to a real estate transaction, so don’t be surprised if things don’t quite go as planned. As your professional, I am here to serve and coach you through the entire process. I am your advocate. I am your fiduciary, entrusted to work for your best interests. Please don’t hesitate to call with any questions or concerns along the way.
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COMMON MISTAKES FOR HOME BUYERS 1. Going over budget – just because you qualify doesn’t mean you can afford the monthly payments plus all your other ongoing costs. 2. Overlooking the importance of location – loving the house will not be enough. 3. Not being pre-approved for a mortgage. 4. Not shopping for the most suitable mortgage to match your requirements. 5. Not understanding all the terms and conditions: interest rates, length of contracts, mortgage types and rates, etc. before selecting your mortgage. 6. Buying a new home before you sold your old home. 7. Not understanding the true costs associated with buying your home. 8. Not using professionals to assist in all aspects of your home purchase, including a mortgage advisor, home inspector, or a moving company.
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FREQUENTLY ASKED QUESTIONS WHEN IS THE BEST TIME TO BUY? When you have found the right home. Don’t wait for perfect conditions to buy – they don’t exist.
HOW DO I KNOW WHEN IT’S RIGHT TO PRESENT AN OFFER? Don’t be afraid to write an offer - there is no commitment until you remove all the contingencies. However, don’t write an unrealistic offer. Offer instead what the property is worth to you, otherwise you may be helping someone else’s offer look good!
WHEN IS THE BEST TIME TO GET A MORTGAGE? Get pre-approved before you start searching, as this will help immensely and prevent disappointment.
CAN I GET OUT OF A DEAL IF I DECIDE THE PROPERTY OR DEAL ISN’T RIGHT FOR ME? Don’t be afraid to back out of the deal; you have not gone too far until the contingencies have been removed.
HOW DO I CHOOSE A REALTOR? Ask if they know the local market, if they can give you references, etc. Think of the process as equivalent to giving a job interview - do they know your local market, price points, and types of homes? HOW DO I FIND THE PERFECT HOME? Prioritizing and compromising are necessary elements. Compile a list of ‘must-haves’ and then a list of ‘would-likes’ – you will never find the right home otherwise.
WHOSE OPINION SHOULD I TRUST WHEN BUYING A HOME? Trust personal instinct and trusted advisors – do what feels right – too much stress indicates it’s time to walk away. WHAT DO I DO IF I GET BUYER’S REMORSE? Most buyers do…it’s completely normal to feel this way, but if you have done your due diligence, then be confident in your decision and enjoy your new home.
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DENVER METRO MARKET Single-Family Homes
$477,500 100% Median Sold Price
7
Median SP/LP Ratio
Median Days on Market
13-MONTH TREND CHART Inventory
$460,450
$462,000
$451,350
$445,000
$450,000
Sales
$449,950
$445,000
Median Sales Price
$452,500
$465,000
$480,000
$473,500
$468,000
$477,500
7,537 6,209
4,641 3,907
3,868
4,598 3,628
3,623
3,970 3,211
3,941
3,248 2,608
2,712 2,888
2,724
2,543 1,942
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Source: REColorado MLS from the period of June 1st, 2019 - June 30th, 2020. Data is deemed reliable but not guaranteed.
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3,225
Jan-20
2,889
2,119
Feb-20
Mar-20
3,551 2,492
Apr-20
3,371
3,869
2,292
May-20
Jun-20
WHAT ARE YOUR REAL ESTATE GOALS? If you are thinking about buying, selling, investing, re-financing, or simply have questions about the real estate market, click below:
Sign Up for a FREE Consultation
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On behalf of myself and my team, I’d like to thank you for allowing me to help in the purchase of your home. I’d be pleased to assist you with any real estate transaction or with any questions you may have. I am here not just to provide a service but to build a continuing relationship. Please let me know how I can be present for the real estate needs of you and your family.
HEATHER REED | 303.731.7034 | HEATHER.REED@REMAX.NET Each office is independently owned and operated. Copyright© July 2020