Denver Colorado Real Estate News & Market Trends

 Thank you for visiting Colorado Home Front. You’ll find our blog and agents to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you! Our services are Free and we are in the top 10 of all agents in colorado out of 22,000. So please call or text anytime.

 

Sept. 24, 2020

Real Estate Forecast

Sept. 17, 2020

HomeBuyer Traffic is on the rise.

Aug. 27, 2020

Should you Buy an Existing Home or New Construction

Should You Buy an Existing Home or New Construction?

Should You Buy an Existing Home or New Construction? | MyKCM

Finding the right home to purchase today is one of the biggest challenges for potential buyers. With so few homes for sale and construction of newly built homes ramping up, you may be wondering if you should consider new construction in your search process. It’s a great question to ask, and one to look at from the pros and cons of what it means to buy a new home versus an existing one. Here are a few things to consider when making the best decision for your family.

New Construction  

When buying a new home, you can often choose more energy-efficient options. New appliances, new windows, a new roof, etc. These can all help lower your energy costs, which can add up to significant savings over time. With programs like ENERGY STAR, your home also helps protect the environment and reduces your carbon footprint.

Lower maintenance that comes with a newer home is another great benefit. When you have a new home, you likely won’t have as many little repairs to tackle, like leaky faucets, shutters to paint, and other odd jobs around the house. With new construction, you’ll also have warranty options that may cover portions of your investment for the first few years.

Another solid benefit to new construction is customization. Do you want a mudroom, stainless steel appliances, granite countertops, hardwood floors, an office, or a multipurpose room to homeschool your children? These items can be customized to your specific needs during the design phase. With an existing home, you’re buying something that’s already completed, so if you want to make changes, you may need to hire a contractor to help get your home ready for your family.

Existing Home

When buying an existing home, you can negotiate with the current homeowner on price, which is something you generally don’t get to do with a builder. Builders know their material and construction costs, and they have a price set for the model you’re buying. So, if you want to negotiate, then maybe an existing home will be best.

For many families, having an established neighborhood is also important. Some buyers like to know the neighbors, if it’s family-friendly, and traffic patterns before making a commitment. When you buy new construction, you won’t have a full view of some of those details until the lots around you are sold.

Finally, timing comes into play. With an existing home, you can move in based on the timeline you agree to with the sellers. With new construction, you need to wait for the house to be built. Depending on the time of the year you’re buying and the region you’re in, the weather can also be a factor in the timeframe. This is something really important to keep in mind, especially if you need to move sooner rather than later. Over the past few months with COVID-19 and social distancing regulations, some areas for new construction have been delayed.

Bottom Line

Whether you want to buy a newly built home or one that’s already established, both are great options. They each have their pros and cons, and every family will have different circumstances driving their decision. If you have questions and want to know more about the options in our area, let’s connect today so you can feel confident making a decision about your next home.

Aug. 24, 2020

Top Reasons People are Moving This Year

The Top Reasons People Are Moving This Year

The Top Reasons People Are Moving This Year | MyKCM

Today, Americans are moving for a variety of different reasons. The current health crisis has truly re-shaped our lifestyles and our needs. Spending extra time where we currently live is enabling many families to re-evaluate what homeownership means and what they find most important in a home.

According to Zillow:

“In 2020, homes went from the place people returned to after work, school, hitting the gym or vacationing, to the place where families do all of the above. For those who now spend the majority of their hours at home, there’s a growing wish list of what they’d change about their homes, if possible.” 

With a new perspective on homeownership, here are some of the top reasons people are reconsidering where they live and making moves this year.

1. Working from Home

Remote work is becoming the new norm in 2020, and it’s continuing on longer than most initially expected. Many in the workforce today are discovering they don’t need to live close to the office anymore, and they can get more for their money if they move a little further outside the city limits. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) notes:

“With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

If you’ve tried to convert your guest room or your dining room into a home office with minimal success, it may be time to find a larger home. The reality is, your current house may not be optimally designed for this kind of space, making remote work and continued productivity very challenging.

2. Virtual Schooling

With school about to restart this fall, many districts are beginning the new academic year online. Education Week is tracking the reopening plans of schools across the country, and as of August 21, 21 of the 25 largest school districts are choosing remote learning as their back-to-school instructional model, affecting over 4.5 million students.

With a need for a dedicated learning space, it may be time to find a larger home to provide your children with the same kind of quiet room to focus on their schoolwork, just like you likely need for your office work.

3. A Home Gym

Staying healthy and active is a top priority for many Americans. With various levels of concern around the safety of returning to health clubs across the country, dreams of space for a home gym are growing stronger. The Home Builders Association of Greater New Orleans explains:

“For many in quarantine, a significant decrease in activity is more than a vanity issue – it's a mental health issue.”

Having room to maintain a healthy lifestyle at home – mentally and physically – may prompt you to consider a new place to live that includes space for at-home workouts.

4. Outdoor Space

Especially for those living in an apartment or a small townhouse, this is a new priority for many as well. Zillow also notes the benefits of being able to use yard space throughout the year:

“People want more space in their next home, and one way to get it is by turning part of the backyard into a functional room, ‘an outdoor space for play as well as entertaining or cooking.’”

You may, however, not have the extra square footage today to have these designated areas – indoor or out.

Moving May Be Your Best Option

If you’re clamoring for extra space to accommodate your family’s changing needs, making a move may be your best bet, especially while you can take advantage of today’s low mortgage rates. Low rates are making homes more affordable than they have been in years. According to Black Knight:

“Buying power for those shopping for a home is up 10% year over year, with home buyers able to afford nearly $32,000 more home than they could have 1 year ago while keeping their monthly payment the same.”

It’s a great time to get more home for your money, just when you need the extra space.

Bottom Line

People are moving for a variety of different reasons today, and many families’ needs have changed throughout the year. If you’ve been trying to decide if now is the time to buy a new home, let’s connect to discuss your needs.

Aug. 21, 2020

Forbearance Numbers lower then Expected

Forbearance Numbers Are Lower than Expected

Forbearance Numbers Are Lower than Expected | MyKCM

Originally, some housing industry analysts were concerned that the mortgage forbearance program (which allows families to delay payments to a later date) could lead to an increase in foreclosures when forbearances end. Some even worried that we might relive the 2006-2008 housing crash all over again. Once you examine the data, however, that seems unlikely.

As reported by Odeta Kushi, Deputy Chief Economist for First American:

“Despite the federal foreclosure moratorium, there were fears that up to 30% of homeowners would require forbearance, ultimately leading to a foreclosure tsunami. Forbearance did not hit 30%, but rather peaked at 8.6% and has been steadily falling since.”

According to the most current data from Black Knight, the percentage of homes in forbearance has fallen to 7.4%. The report also gives the decrease in raw numbers:

“The overall trend of incremental improvement in the number of mortgages in active forbearance continues. According to the latest data from Black Knight’s McDash Flash Forbearance Tracker, the number of mortgages in active forbearance fell by another 71,000 over the past week, pushing the total under 4 million for the first time since early May.”

Here’s a graph showing the decline in forbearances over the last several months:Forbearance Numbers Are Lower than Expected | MyKCMThe report also explains that across the board, overall forbearance activity fell with 10% fewer new forbearance requests and nearly 40% fewer renewals.

What about potential foreclosures once forbearances end?

Kushi also addresses this question:

“There are two main reasons why this crisis is unlikely to produce a wave of foreclosures similar to the 2008 recession. First, the housing market is in a much stronger position compared with a decade ago. Accompanied by more rigorous lending standards, the household debt-to-income ratio is at a four-decade low and household equity near a three-decade high. Indeed, thus far, MBA data indicates that the majority of homeowners who took advantage of forbearance programs are either staying current on their mortgage or paying off the loan through a home sale or a refinance. Second, this service sector-driven recession is disproportionately impacting renters.”

There is one potential challenge

Today, the options available to homeowners will prevent a large spike in foreclosures. That’s good not just for those families impacted, but for the overall housing market. A recent study by Fannie Mae, however, reveals that many Americans are not aware of the options they have.

It’s imperative for potentially impacted families to better understand the mortgage relief programs available to them, for their personal housing situation and for the overall real estate market.

Bottom Line

If Americans fully understand their options and make good choices regarding those options, the current economic slowdown does not need to lead to mass foreclosures.

Aug. 15, 2020

Alexa Elliot and Colorado Home Front see record Home Sales from Coronavirus Exodus

 

                                          

 

Alexa Elliot and the Colorado Home Front team are working overtime as they are seeing record home sales in Colorado. Sales hit a record of 10,771 in July. Much of it is because people are leaving states like New York and California in record numbers and buying homes in Denver and the surrounding cities.We also had a jump in new listings of 8.6 percent but single family homes are down 42 percent causing a hug bidding war on every home that is listed. Alexa says she has never seen anything like it in her 22 years as an agent in Denver Colorado.

The state of Colorado has become a Top 10 destination for many wealthy Millennials and Gen-xers. They are moving to this beautiful state with a ton of outdoor activities to help with the Coronavirus blues. Alexa says " People like to get out and breath fresh air its great".

Properties with Land and Ranches are also selling fast because people want space and I see preppers (people who prepare for possible crisis situations) buying land all over Colorado. Alexa knows as she owns her own ranch and raises Lowline Angus Cattle. This is Alexa with one of her baby calfs.

                                               

Our site www.coloradohomefront.com which is updated every 5 min for the newest listings has clients waiting minute by minute until a listing shows up and then bidding wars start as the competition is fierce! I feel bad sometimes as it's not fair for some of my clients as they don't have a lot of money. I even give up some of my commision to help clients try to outbid the competition. We fight hard and hours are long as we have to work twice has hard to get a deal for our buyers. Alexa is the #1 Buyers agent in Colorado so it's tough right now!

The clients I have placed into Homes are breaking records with the equity in their homes going up month after month. I'm happy or them and their families as I strive to have clients for life and clients are always happy when we make them money.

For the Seller side Alexa is also Top 10 of all agents in Colorado and is one of the Top Listing Agents. Listings are great they are selling fast and for more money and we work hard for our clients creating a frenzee on the listing by all of our social media and marketing strategies. We give each client a FREE Strategy Season were we develop the plan for selling the home. We don't just sell homes we assist with asset protection and estate planing as well as tax strategies. Many of these strategies must be in place before we sell, so our clients get the maximum benefit of the sale.

If you would like more information on the Denver Real Estate Market please contact Alexa Elliot and the Colorado Home Front Team to assist you with your home Buying or Selling needs.

Aug. 7, 2020

Alexa Elliot Top Agent Magazine 2020

 

                                                      Top Agent Magazine Alexa Elliot 2020

Alexa Elliot started out working with the Los Angeles Sheriff’s Dept. She was in her mid-twenties at the time, but after the excitement of buying her first home, she decided to make the switch to real estate. “Helping people has always been important to me, and I wanted to share the experience with others, so I moved to Denver, Colorado, and got my license.” That was 25 years ago.

Since then, Alexa has helped over 1500 families achieve home ownership and sold over a half a billion in sales. She is currently working with American Home Agents, covering the Denver Metro area. Alexa reports closing 104 transactions this year. “I love to do most of the work myself as it helps me build relationships, get to know my clients plus I am very detail oriented,” she says. “This allows me to control the transaction to the benefit of my client, but I will bring in a transaction coordinator to help me with paperwork.”

Alexa has built her business on repeat and referral clientele and building relationships with lenders and other professionals. “I love helping family, friends, and past clients find or upgrade to their new homes,” she states. “I treat them like family and believe in being their ‘Realtor for life,’ no matter what their needs.”

The type of caring and kindness she offers many of her clients comes in the form of charitable donations. “I set aside 10% of my commission to help single moms or first-time home buyers complete their dream of owning a home,” she says. “Many Buyers have great jobs and good credit, but they just need help with a down payment or closing costs. That’s where I’ll pitch in.” She also sets aside 5% to place dogs who need homes through a company called Pet Madness. In addition, American Home Agents, with spokesperson Peyton Manning, gave $100,000 to the food bank during the Covid crises.

Alexa believes in reaching out to her clients using a touch system. “I try to touch base at least twice a month, whether it be with mailers, special occasion cards, and of course, phone calls, emails and texts,” she asserts.

With more than 20 years of experience in all aspects of Real Estate, she has developed and trained in franchise systems related to the real estate industry on a national and state level. Alexa also specializes in real estate investing. She has helped numerous clients buy investment properties creating a retirement asset, residual monthly cash flow and assisted in the management of those properties. “Since I’m practically a native of Colorado, I am well versed in all areas and aspects of the local market and trends throughout,” she says. “But most importantly, I believe in honesty, integrity, hard work and building relationships.”

She loves what she does because of the joy she brings to families. “Seeing the smiles on their faces when they’re handed the keys to their new homes, is the best,” she says. “It’s always been my mission to help people attain their goals and dreams of home ownership.”

When she’s not working, Alexa tends to her small hobby farm in Castle Rock. she loves her animals, saying, “It’s so beautiful and relaxing there,” she says.

As for her plans for the future, Alexa says, “I’ll keep working until I can no longer walk,” she laughs, “My goal is to continue to stay in the top 10 of all agents in Colorado. I also plan to add a few exceptional agents, who use the best tools and technology available to give our clients the highest returns in their home sale and incredible deals for our buyers and investors”.

To learn more about Alexa Elliot, email AlexaRealtyGroup@gmail.com,visit her website ColoradoHomefront.com, or call (303) 933-1664

July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates