Hard numbers on sales and contracts in the Greater Metro Area at the close of 2017
While in a typical market, December can be a slow month for buying and selling homes, we found the opposite to be true in the Denver Metro Area in December 2017. From November, home sales were down—18.6% for detached single-family homes, 13.1% for attached single-family homes; but even with the decreases, that accounts for 3,691 units for sale in Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson Counties at the end of 2017. Of those units for sale, 2,949 were placed under contract in about a month’s time (35 days for detached single-family homes; 31 attached single-family homes). 35.3% of detached single-family homes and 40.6% of attached single-family homes went under contract after seven or fewer days on the market! The average price for detached homes held flat at $477,523 and hit a record high for attached homes at $340,523. 41.3% of closed homes sold over their asking price
These figures, courtesy of Land Title Guarantee, show that, even with decreased market availability, values continue to hold. This is important information whether you are buying or selling, and something I can cover more in-depth with you as your agent.
It is safe to assume that the recent tax reform will affect many areas of our finances, including homeownership. The tax bill was large and quite comprehensive, making it difficult for the layperson to understand exactly how it will play out in our personal taxes. The National Association of Realtors has compiled some extensive information as it relates to homeowners and published it in this article.
To further simplify, I thought it beneficial to draw your attention to a few highlights of the article here.
•First, and quite fortunately, at the last minute, the Senate returned to the original verbiage regarding capital gains. As it was passed, the regulation was capped, excluding capital gains on the sale of a home and preserving the life-kind exchange in real estate. This means you will benefit financially in selling your home, without having to pay capital gains tax. There are a few limitations: you must own and have been living in the home for two of the last five years; and for single filers, the pay out will cap at $250,000; $500,000 for joint filers.
•Secondly, there are new restrictions on mortgage interest. The bill reduced the limits of deductible mortgage debt to $750,000 on new loans. This will include refinances and second homes, subject to the $750,000 limit. Current loans up to $1 million can be grandfathered in.
•Last, regarding tax deductions, the bill includes a new standard deduction, indexed for inflation, for up to $12,000 on a single return or $24,000 on joint returns. This does reduce the value of mortgage insurance and property tax deductions, eliminating these deductions as incentives for homeownership. It is estimated that only 5-8% of filers will now qualify for these deductions, erasing the tax differences between renting and owning a home for more than 90% of the population.
The last point will most effect how your homeownership appears on your personal tax returns. Troy Vigil, my trusted CPA explains, “Since the Standard Deduction was doubled to $24,000 for a Married Couple, most people will not be itemizing their deductions now. The State, Local and Property tax deduction is limited to $10,000 for those taxpayers who will still Itemize."
What is important to remember is that, regardless of where you stand in light of the tax reform, there are always options for owning a home. A home is more than numbers, more than simple real estate, and it is a home, not just a house, that I am after when I work with my buyers. Whether you are looking to list a property in 2018 or are still in search for your home, I am available and fully versed in these changes our country has put into effect.
It is my favorite time of year! I love Christmastime, and I think it goes hand-in-hand with being a Realtor. After all, I can find you a house; but the special traditions you bring into it are what make it a home. I loved this Better Homes & Gardens article about favorite Christmas traditions.
If you’re looking for some fun activities to do out and about town, Denver has so much to offer. Here are a few affordable, family-friendly options.
1.. It’s a new Christmas installation at the second Botanic Gardens location, strung up with thousands of lights, and offering fun kid activities—including a visit with Santa.
2.. Already a crowdpleaser in every season, the beautifully maintained gardens (and the surrounding neighborhoods) are extra festive in lights.
3.t. Like a little village full of handmade wares, this winter market is a perfect place to find unique gifts or to stroll with a hot chocolate and some spiced nuts in hand.
4.S. A free installation open to the public every year, this ice skating rink is a great way to enjoy the warm Colorado sun but still get into the winter spirit.
5.. There are lots of places to squeeze in a visit with Santa Claus, but the setup at Bass Pro is particularly great. Stop by the ticket counter for a free pass in a scheduled time slot, and enjoy all the wonderland activities while you wait.
Have a very merry Christmas and a happy new year!
My favorite thing about my work is knowing that my relationships with my clients leads to creating homes. We shop for houses, but through the days, months, and years, it becomes your home. That feeling is most special around the holidays—and this is my favorite time of year. I love the sentiment of the season and I love family and friends coming together. It’s wonderful to think of that happening within the spaces I’ve helped my clients find.
I hope this month is a special celebration for you. To help, I wanted to share some ideas that I found: inspiration for menus, from beginning to end; not to mention great side dish recipes (because we all know it’s about the sides, right?!); tips for great table decor and DIYs; and even activities—like these mad libs, a gratitude game, and fun to-dos for kiddos—to entertain everyone at your gatherings. I am thankful for my clients and I am thankful for the work we do.
It doesn’t get more lovely than autumn in Colorado—the sun stays warm, meaning optimal weather to enjoy all of your favorite fall activities. A major attraction, of course, is to get up to the mountains early, to see the Aspen trees turn a brilliant golden color. (Here’s an article about the best timing for different areas.) But there’s also much to love about fall in the city, especially for families
On my “Meet Colorado” page, I have a brochure for all of the Denver Metro pumpkin patches going on this month, along with other fun seasonal activities. Be sure to catch Boo at the Zoo and all of the attractions at Anderson Farms.
For more information about fall fun, here is Visit Denver’s list of free activities; a selection of the city’s best haunted houses; and Denver Post’s must-go festivals for 2017.
One of the reasons that I decided to move to Berkshire Hathaway was because I love the benefits it brings to my clients. We are a collaborative agency, and we like to work together to find solutions for each of our buyers and sellers, providing the best customer service and peace of mind. While the real estate markets climb up and down, and with homes moving so quickly, it can feel prudent to cut corners in the areas of customer service. I understand—it seems wise to pinch pennies, even when it comes to a real estate agent. I like to work for my clients first, and that is why finding an agent you can trust is the smartest choice.
There is much news to report on behalf of Berkshire Hathaway Home Services this month, a company that I am pleased to be a part of because I believe in their models and practices.
First, HomeServices has acquired The Long & Foster Companies, including Long & Foster Real Estate and its market-leading affiliated lines in mortgage, settlement services, insurance, and property management. This is an important acquisition for our company because Long & Foster, and their team of 11,000 agents, has a storied reputation of exceptional leadership. By joining them to our organization, Berkshire Hathaway now becomes the nation’s largest homeownership services provider.
Not only are we the largest, but JD Power has also again awarded us its best Home Seller Satisfaction Ranking, noting in particular the quality of our sales teams, marketing tools, and closing process factors. This was decided by a survey of more than 5,000 consumers who bought or sold a home between March 2016 and April 2017. You can read more about the results of the survey here.
At Berkshire Hathaway Home Services, we are proud to offer you exceptional service and advice on both the buying and selling sides of the real estate process. I guarantee exceptional service to all of my clients, and am honored to be a part of this team.
Traditionally speaking, realtors have always advised a return to a neutral palette on your walls
before listing it to sell. The idea was always to create a clean space where potential buyers
could imagine their own things. This realtor.com article reflects this advice, with a list of the best
and worst colors according to consumer survey.
But, with a return to bold statements and more opulence, studies are showing that brighter
colors—both exterior and interior—can actually help the sale of your home. HGTV offers some
great tips on inviting colors that stray from the normal, neutral tones, but don’t turn off potential
buyers. There is also a psychology of color, as explained in this FreshHome article that you may
take into consideration when choosing paint colors.
It will likely come as no surprise that Denver real estate continues to trend upward. The Denver Metro Association of Realtors released a recent trends report this week, revealing that the average home price rose again in the last month. Median prices for Denver metro now sit at $439, 161, more than a 10% increase from last year.
To read the report and other important market data, visit Denver Metro Association of Realtors.
Denver home values have appreciated and recovered from pre-recession values. According to the Denver Post, though only one-third of home markets across the United States have recovered from the recession, 99 percent of properties in the Denver Metro area have matched or surpassed pre-recession values. In light of national conditions, some homeowners have been surprised at these valuations and county officials are having to reassure homeowners of their validity.
If you’re curious about how your home value stacks up, the Denver Post has provided a “heat map” by neighborhood. Feel free to contact me with questions about your home’s value and comparable properties in your area.
A major part of the Colorado culture is to be outside and enjoy the glorious weather as much as possible. With an affinity toward healthy living and community as well, Denver’s farmer’s markets are certainly a highlight from May through November. Each market has it’s own specialty, but all offer Colorado-grown produce, small batch offerings, and the best of local business.
Your local farmer’s market is the best way to pass a Saturday or Sunday morning. Pick up your produce and meat for the week; sample handmade beauty products and specialty items from local shops; and mingle with other community members while you take your breakfast or lunch from one of the many food trucks that circle around to offer up the finest in Denver street cuisine.
Find the full list of Denver Farmer’s Markets here. And the Denver Post shares the 21 Front Range markets you can’t miss—and why.
It is now officially spring, and with the wonderfully warm weather we have been experiencing, Colorado residents are turning their attention outdoors. For many urban homesteaders, that will mean readying the garden.
But Colorado weather can also be tricky. March can sometimes be the snowiest month; but the intense sun and dry climate can also create difficulty.
Last year, 5280 Magazine interviewed gardening expert Jodi Torpey for a crash course in cultivating a successful Colorado garden, including how to lay a foundation, what to plant, and when to plan it. And for more tips on how to create an amazing backyard garden, download the Denver Post Garden Colorado app!
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