With the new year home sale numbers show a repeating trend. While home values are up about 6.2% from Jan. 2017, everything else has slowed except for DOM. We are also going to see an uptick on rates but… they are still very low!
The National Association of Realtors recently sent out a questionnaire to over 50k realtors and here is what they found out.
Beyond staging, agents also named the most common home improvement projects they recommend to sellers: Ninety-three percent recommend decluttering the home, 89 percent recommend an entire home cleaning, and 81 percent recommend carpet cleaning. Other presale projects include depersonalizing the home, removing pets during showings and making minor repairs.
Here are some of the top takeaways.
Lennar has just announced base prices for it’s Element Collection in Sterling Ranch. Prices will range from the $430’s to $490’s and the first 4 homes for sale will be released in January with estimated
completion dates in the February/March time frame.
The Element Collection will feature 5 models the Ash, Ember, Ivy, Isla and Jade and each will have 3 elevations to choose from. Size’s range from 1,811 to 2,302 SF. Bedrooms will range from 3 to 4 and bathrooms from 2.5 to 3. All models are 2 stories and will be offered with a 2 car garage.
All models will also be offered with Solar as well.
Lennar will be creating a VIP list and will be prioritized based on pre-qualification date with their affiliated lender Eagle Home Mortgage.
If you would like to find out more or apply to be on the VIP list give us a call.
Current price’s and lot map are below. Click on the image to make it larger.
All the donations will go to the Douglas/Elbert Task Force, a non-profit organization that helped 16,670 community members in 2016 alone and has been helping those in need since 1984.
We also wanted to give a big shout out to Leslie Rabe with Ginger Glitter, Stevie Schaefer Hill with North American Title Co., Erica Starich owner of Star Interior Solutions and of course KC Harney, aka Santa with Universal Lending.
And finally a huge shout out to the TRHS Drumline for their awesome performance!
Join us for our annual Toy & Coat drive benefiting the Douglas/Elbert Task Force and visit with Santa, Hot Chocolate and Cookies will be served and the Thunder Ridge HS Drumline will be performing from 2 to 3pm.!
Drop off your donations any time between now and December 9th.
Shea Homes is working hard to get it’s new Crescendo at Central Park model homes ready for their fall opening. Here is what we know so far.
All homes will be offered an 2 elevations and none will have basements.
Prices are expected to start in the high $300s to mid $400s and in all there will be about 200 single family homes built.
The homes will range from about 2100 SF to 2400 SF and will have 3 to 4 bedrooms and 2.5 to 3.5 baths.
They will also offer 2 to 3 car garages, the 3 car homes will have two spaces side by side with the 3rd space being in tandem with another space.
The homes with 2 car garages will offer a main floor bedroom or office with a powder bath.
Along with condominiums there will be retail shops, restaurants, a hospital which is already under construction and a 4 to 5 acre park in the center.
They are still pushing for a Fall opening of the models.
I just came from a very informative meeting with the Sterling Ranch developers. As you may already know most of the builders are offering lots for sale and will soon have models open. Providence Village is well under way and once completed will have 800 single family homes. No final decision has been made as to which village will be built next.
Water is one of the big questions and it seems like they have it figured out. Reclaimed water will be used only for open space areas. Dominion Water and Sanitation will supply all the ground water to Sterling Ranch and has partnered with Aurora, Denver and ten south metro water districts to handle the need for future residents.
All homes will have two water meters for inside and outside water use. Home owners will be able to tell via smart apps and devices how much water each is using, if watering is necessary and how much they can save by not watering. In addition, Sterling Ranch has teamed up with Denver Botanic Gardens and every new home buyer will be able to pick from several pallets of low-water sustainable landscapes.
Roxborough and Sterling Ranch have teamed up to build a water treatment plant which buy splitting the cost and not building two separate facilities will reduce the cost of water for both communities.
Technology will be abundant in Sterling Ranch as all homes will be provided with a 1 Gigabyte (up and down) internet connection via fiber. All homes will be equipped with smart panels that look much like an iPad to control various functionality and apps will be available for your smart phone to access the same information. Even this street lights will be able to give residents up to the minute alerts buy changing color.
Schools in the initial stages will stay pretty much the same and both Sterling Ranch and Roxborough continuing to feed into the same Douglas County schools. Once Douglas County determines it is necessary to build local schools sites have already been planned within SR.
Roads within the villages themselves will be narrower as to slow traffic while Blvd’s will allow ample flow in and out of SR. There will also be a main road connecting Roxborough to a southern exit just North of Louviers, CO. Work to expand Santa Fe to 2 lanes going south has already begun. Heading North from SR is where many are concerned the traffic issues will be the worse and no real solution was provided at this meeting.
Unique to SR.
Buy Now Here’s How…
Wouldn’t it be nice to purchase your next home and move in THEN sell your previous home?
That is how the few who have cash do it BUT it can be done with leverage.
FIRST Your income must be sufficient to meet the debt ratio limit of having 2 house payments in addition to your other debts. SECOND You need the minimum down payment to purchase the next home. Here are some good sources for that down payment: Borrowed from an existing line of credit on your current home Borrowed from a 401(k) Liquidated from an IRA (some will allow these funds to be repaid within 60 days without penalty - check with them) Cash on hand Gift from a relative Here are some benefits of buying now and selling later: Non-contingent contract increases your chances of getting your offer accepted No need to leave your home for showing appointments since the home will be listed for sale when it is vacant When vacated then cleared out and cleaned up, your home has a better chance of selling and can be professionally staged with Pinette Realty Group's assistance No rush in moving - close on the new home and then perform any updates or remodeling before moving in Many more.... Should you desire to Buy Now/Sell Later, feel free to contact KC Harney w/Universal Lending at 303-799-9100 to discus your options. Nicole Pinette is a seasoned professional with over 20 years of experience and can help you get the home you want. You Can Buy Now! 303-683-4837
Many times buyers resist this crazy market with multiple offers and rising prices. Although this is unsettling for many, the real concern should be rising interest rates. For example, if you were a buyer in the market Spring of 2016 and were considering buying a home at $400,000, but timing did not work out for some reason, that same home this Spring could be worth approximately $436,000 or approximately a 9% appreciation. Granted this is a hefty change, however not as much as if the interest rate increases 1%. Let me illustrate.
If the interest rate last year was 4.0% and you fell in love with a home listed for $450,000, for giggles, imagine that the market had 0% appreciation in the past 12 months, but the interest rate this Spring is 5.0%. Given that your down payment remained the same 10% down and all other taxes, insurance and other variables in the payment remained the same, your payment would change by $214 for the same priced home this year. How does that affect your buying power? Well to attain the same payment as last year, you would now be purchasing a $400,000 home. A $50,000 swing in buying power is the effect of a 1% rate increase at $400,000.
In addition, the higher your price range, the higher the difference in buying power. For an FHA buyer, 3 ½% down at $225,000, their buying power would be reduced approximately $25,000 for a 1% rate increase and a larger home at $675,000, would be reduce to the $600,000 price range for the same monthly payment. As the indicators hit the market and the stock market and job employment rates are favorable, we may see rates climb this year. We have already seen an uptick since the beginning of the year.
These are general figures, but the overall message is to consider all terms of the market that affect your payment and value when purchasing a home. In our industry, we often see people attempting to wait out the market until the “market settles down” or “prices stabilize”. While it is always wise to not get caught up in the frenzy of the market, if you are truly looking for a home, please consider that waiting for the prices to relax may do to your buying power and overall mortgage payment. Possibly paying a little higher price on that home with a lower interest rate is not such a bad idea after all!
Denver and Colorado Springs made the top 5 Best Places Rankings according to U.S. News. Out of 100 metro areas Denver ranked #1 and the Springs ranked #5.
The top 5 are listed below click on any of the images for the full article.
US News Best Places Rankings