NAR data shows that national inventory decreased by 12% in October, and 82% of homes were sold in under a month. These two different forces, inventory and time on the market, are driving the sales climate, snowflakes or not. “While there are some that say we are overdue for a price correction, demand for housing is creating a hard bottom unlike what we saw...
Investors are snapping up homes at an unprecedented pace, including in Denver, where nearly 17% of home sales went to investors, according to a report from Redfin. The brokerage defines an investor as any business entity that purchases residential homes, including through an LLC or trust. Real estate offers a way to hedge against inflation and represents an asset class...
Zillow Offers bought hundreds of homes along the Front Range in August and September, often paying more than what sellers were asking. Now the company is selling more than 500 homes in 10 Front Range counties, and more homes it purchased in October are hitting the market every day. Nearly all the properties being sold are priced well below what the company paid only...
CAR’s October 2021 Market Trends reports that the sales price of homes has increased 15% across Colorado since Oct. 2020. Mountain town inventory is down by as much as 41% compared to last year. “It seems the definition can sometimes change from month to month as a relative response to what a ‘normal’ house sells for,” said Durango REALTOR® Jarrod Nixon. He says that...
Zillow announced it would stop buying homes directly from sellers and then selling them at an increased rate. The company could not effectively compete in Colorado‘s hot real estate market because it couldn’t find property, renovate and resell the homes fast enough. The program has been discontinued nationally as well. “When you’re not able to buy low and sell high, because our market is doing...
Since Zillow Offers, the internet giant’s direct buying service, has left the Denver real estate market, home buyers and sellers don’t have much reason to celebrate. Home inventory, no matter who the player is, is low. “Any added inventory and new listings in the market would be greatly appreciated and good to have,” Andrew Abrams from DMAR said. CAR spokesman...
Congratulations to CAR members who have been selected to serve on NAR Committees and Boards for 2021/2022. Please see below a list of Colorado REALTORS® and association staff listed in alphabetical order by last name. Tyrone Adams Housing Opportunity Committee Brian Anzur Leading Edge Advisory Board Barbara Asbury Land Use Property Rights and Environment Committee Windy Bailey Federal Taxation Committee Sunny Banka Risk Management Issues Committee David Barber Membership Policy...
The Colorado Association of REALTORS® (CAR) extends its deepest sympathies to the family and friends of CAR Past President Jolon Ruch, who passed away on Thursday, October 28th after a brave and hard-fought 18-month battle against cancer. Jolon is remembered as a tremendous organizational leader, taking on the tough task of ushering in a new governance model for her state association. Jolon cared deeply about...
Developer Jon Roberts once built market-rate homes families could afford at light-rail stops in Denver. Attainable, dense housing is one fix to the affordable housing crisis, and Roberts was happy to do his part. He’s shifted his focus to $1 million houses and duplexes — and he’s not thrilled about the reasons why: Building affordable housing is too risky, too slow and too mired in bureaucracy. “I...
A Realtor.com 2020 survey found that 13 percent of Americans believe their house is haunted, troubled by strange noises, shadows, cold spots, eerie feelings, and moving items. Roughly half of them knew or suspected as much before hauling in their boxes and have no plans to move. Most prefer to avoid the situation: 2/3rds of respondents said they were unlikely to move into a house...