Dear <<First Name>>,
We have had a crazy wet summer and now we have a Fall with gorgeous "summer" days. The weather has become crazier than ever.
We have also had some crazy months in Real Estate. After a very busy May, June and July, we had a quieter August as people got in last vacations and prepared their kids for returning to school. Then this month activity has picked up again, and inventory has steadily increased.
According to NAR (the National Association of Realtors) existing home sales lost momentum in August, after 4 consecutive months of gains due in part to a decline in investors paying cash for different types of properties. Some gains happened mainly in the Northeast and Midwest; while there was a definite decline in the South and the West.
We have also noticed a difference in types of properties being purchased or placed on buyers’ wish lists depending on the age of the prospective buyers.
Bidding wars have receded and prices have stabilized somewhat causing some distress on the part of sellers who waited too long or were on the fence about listing, hoping for increased values. August sales in 2014 were below the pace set in 2013 and home prices have been rising at a much lower pace than in 2013. However this is definitely good news for First Time Home Buyers.
News from the National Realtor Resources are pointing out an increased optimism in the outlook of the general public about home ownership.
This is especially true with the Millennials (aged 18-34) who are looking at purchasing their first home with confidence. The Baby Boomers (aged 50-64) are also
looking at purchasing a new home, but in this case they are overall trying to scale down; favoring smaller yards, main floor masters and amenities close by. Millennials have an easier time finding what they are looking for (any style, different locations, newer homes most frequently chosen), while Baby Boomers have a harder time as the product they are looking for is not the favorite of builders. Multi-levels and 2-story homes are favored by builders and developers because they need less acreage space and are cheaper to build.
New research and trends show energy efficiency, brighter, more open homes in general make new or newer homes the favorite for every age group of purchasers.
The housing confidence index in Denver for Homeowners is 69.1 and for Renters 63.4 according to Pulsenomics Founder Terry Loebs.
As we move fast toward the beginning of the Holiday Season, make sure to look over tips to be ready, winterizing your home and planning for some energy saving measures (some are listed below).
Give us a call if we can help you, your family or friends with any real estate needs or questions. We are never too busy and referrals are always appreciated.
Anne & Jessica Cucchi
710 Kipling St, Ste 110
Lakewood, CO 80215
303-202-2282 & 303-884-6545
As always, we appreciate your referrals!