Find the most up to date listings for homes in the Denver metro area.

Tracy Shaffer
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What to Inspect When You’re Inspecting: The Inspection

home list If you’re my client, we’ve shopped, you’ve fallen in love, made your offer, had it accepted and gone under contract. Now you’re in the “discovery” stage” where you gather important information: title work, disclosures, surveys, and you schedule your home inspection. Now what?
A home inspection is one of the most important steps in the process, it’s the time then we take that silk purse and try to find the sow’s ear. Part ‘honey-do’ list, part ‘O.M.G. what have I done?’ the home inspection reveals and/or conceals just what you’re getting yourselves into. The house is everything you’ve ever wanted, and it’s the biggest purchase you’ll ever make. Shouldn’t we make sure it is all that?
I have a few good home inspection companies I rely on, have vetted and have found them thorough, honest and knowledgeable. There are many things your home inspection will show you and many that it won’t. Some things are minor, deferred maintenance and others are worth major consideration. Always best to hire a professional and ask your Realtor (that’d be me ;-)) for their recommendation. No matter how much you may love them, having a “friend who knows a lot about houses” take a look at it could be the end of a great relationship. Pay for the pro, it is money well spent.
Here’s what your standard inspection will show:
Structural Elements- Construction of walls, ceilings, floors, roof and foundation. Though inspectors are not usually structural engineers, their expert training gives them a good eye for when you may want to call one. Many times the crack you’re freaking out over is pretty normal to a resale home.
Exterior Evaluation- How does the siding, brick or stucco look? Does the grading flow toward or away from the house? Landscaping, elevation, drainage, driveways, fences, sidewalks, fascia, eaves, trim, doors, windows, lights and exterior receptacles—are they all doing what they’re supposed to be doing?
Roof and Attic- A visual inspection of the roof and attic will give you a good idea if they are framed and ventilated, insulated, or in need of repair. Though not a roofing specialist, your inspection should be able to tell the approximate age of the roof and how long you might expect it to last. If there is any doubt, I suggest having a qualified roofer come out and do an independent inspection to see if the roof can be guaranteed through certification.
Plumbing- Identification and condition of pipe materials used for potable, drain, waste and vent pipes. Toilets, showers, sinks, faucets and traps, water pressure and hot water heater will be included.
Systems – Your furnace, air conditioning, duct work, chimney and fireplace will be checked to insure they are in good working order.
Electrical- Main panel, circuit breakers, types of wiring, outlet grounding, GFCI outlets, exhaust fans, receptacles, ceiling fans and light fixtures.
Appliances-Dishwasher, refrigerator, stove/range/oven, built-in microwaves, garbage disposal, trash compactors, washing machine and dryer will be checked.
Garage- Slab, walls, ceiling, vents, entry, firewall, garage door, openers, lights, receptacles, exterior, windows and roof.
Although I’ve had inspectors note the possible presence of mold, termites, evidence of pests, or asbestos these, along with a sewer scope, require assessment by specialists and do not fall within the scope of your home inspection. Radon detection can be done by the inspector who installs a device to stay in the home for 24-48 hours at an additional cost.
My home inspectors provide my clients with a Home Inspection Checklist which categorizes items needing service and the urgency in doing so.
The serious problems are:
Any issue that pertains to health and safety; gas leaks, CO2 levels, non-functioning smoke and carbon monoxide detectors, radon mitigation, sewer cracks or breaks.
Also for consideration are the big ticket items: old or leaking roofs or those which cannot be certified, furnace and A/C malfunctions, foundation deficiencies and moisture intrusion or drainage issues.
Who should pay for what?
Home Inspection Checklist Items Sellers Should Fix would include those listed above. There are many instances when it is wise for the buyer to take responsibility for the repairs themselves and ask the sellers for a credit or sales price reduction. Sellers, understandably, want to maximize their profits an may approach repairs from an economical perspective where you might go the extra mile, especially if you prefer a mid-high grade brand. Buyers and sellers might want to consult with an expert to get an estimate for repairs and all work should be done by a licensed contractor or technician. Make sure your agent is specific when responding to the inspection. If your request is vague, there is more room for interpretation of a repair.
Because for some people, duct tape doesn’t cut it.

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Tracy Shaffer
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DENVER HOUSING MARKET COOLS WITH THE SEASON

Denver Housing Market September statistisDenver housing market moves from a hot summer to a cooler autumn as seasons change. We see this every year, temperatures rise in spring and with them a flurry of buyers hurry to buy, sell, move and settle in before school starts up again. After August, as the heat subsides, there’s the correspondent cooling of the housing market as recent Metrolist numbers confirm. It’s cyclical and as predictable as the weather, meaning not at all. Here in Colorado, specifically in the Denver housing market, we’ve seen February price spikes, flat sales in June and the current bubble-pop-bounce-back of the past 18 months with increasing market stability. Settle in with your pumpkin spice latte, click on Metrolist link and see how they show and tell it best.
If you need further information on the Denver housing market, real estate values in your neighborhood, or the value of your home, I’d be more than happy to help.

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Tracy Shaffer
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Light-filled Denver Loft in Ball Park Neighborhood

Denver Loft living
Denver Loft For Sale

Denver Loft for Sale in Fire Clay

This Denver loft is a corner unit with twice the windows, twice the sunshine! Spacious one bedroom, one bath loft in the Denver Ball Park neighborhood lives larger than the square footage would have you believe. Open and cheery floor plan in the main living area allows for flexible living, dining, kitchen and/or office space, yet unlike many Denver loft homes, it has a wonderful private bedroom with en suite bath. You’ll love the long, exposed brick walls, an original feature of the old Cable Building structure in the Fire Clay Lofts while an abundance of high windows bring light, character and ambient charm to this urban loft living.The L-shaped configuration of the kitchen gives you lots of room and with granite counter tops, a new stove and microwave, you may find yourself quite the host or hostess! Uniquely positioned within the building, there is no shared wall between you and another tenant, and having your own washer and dryer in the unit gives you a bit more of that detached home feeling.The Fire Clay has low HOA dues, the management is responsive, and you’ll have your own parking space in a gated lot. Come home to the Fire Clay, where

Denver loft

Denver Loft

Fire Clay Lofts Cable Building

living and the Ball Park Neighborhood lifestyle began.
Affordable Denver loft living with everything you love about the Ball Park neighborhood; proximity to downtown, Union Station, RiNo, the Millennium Bridge and Riverfront Park, Commons Park, the Platte River, Redline and other art galleries, trendy restaurants, LoDo sports bars ball parks, stadiums, theater, music and public transportation for those days you don’t want to walk or roll. (Whew!) Attractively priced at $250,000 and FHA approved, find out why you should contact me and schedule a showing today?!

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Tracy Shaffer
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I Object! How to Handle Your Home Inspection

I object! Often the process of buying or selling a home is so emotional, so stressful, that our every fear is stirred up. That’s why when buying or selling a home, the home inspection is critical. Your home inspection can put you at ease, whether you are purchasing a home you want to feel good about or selling a home you want to feel is safe for the new owner. The home inspection and the resulting INSPECTION OBJECTION and RESOLUTION can be fine points of the negotiation. Of course, the sellers don’t want to reduce their proceeds and the buyers don’t want to take on the extra expense of repairs. So, where’s the middle ground?
hot-wires-carboard
Let’s start with a few basic questions and let the answers guide us to our home inspection answers.
To the Sellers:
1. How motivated are you to sell your home at this time, with these buyers, under the terms of the contract?
2. What is your goal in selling your house? And what effect does this sale have on your life right now? On your future?
3. If I could tell you that the goal you want in question #2 would cost you X amount of dollars, would that seem like a fair price?
4. Is the cost of the repair(s) more or less than the cost of another month, maybe two, of your mortgage payment?
To the Buyers:
1. How would you feel if you let this house go?
2. Are the repairs immediate or can they be reasonably deferred?
3. How many things are you asking the Sellers to repair or credit for? I mean, it’s one thing to ask them to replace the faulty old Zinsco electrical panel or install radon mitigation, quite another to ask for a cracked plastic outlet cover to be changed.
4. Do you feel you are safe in the house without the repairs?

It’s that last question that is the most important. Are the requested repairs, replacements or credit for such, necessary to provide or protect the health and safety of the home buyer? This is where I draw the line. If the home inspection reveals something that would cause any reasonable buyer to feel unsafe they might need to walk away from the transaction. Even if you, Mr. and Mrs. Seller have lived with it for 20 years and nothing has happened, you might as well buck up and agree to make the repairs. You’ll have to disclose the issue to the next buyer if you lose this contract now that you know about it, so the problem isn’t going away.
If the buyers have reasonable expectations of the home’s condition based on its age and understand the responsibilities of home ownership, then health & safety should be your guide. That “honey-do list” the Inspector gave you? That would be yours, not the sellers, but those hot wires or the recalled electrical panel? Definitely calls for the experts. When both parties move away from all emotional or economic considerations and apply fair and equitable logic, the questions answer themselves. Logic, who knew?
Now… back to my clients and that electrical panel.

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Tracy Shaffer
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May Shows Denver Real Estate Market’s Upward Trend

6217_s_josephine_way_MLS_HID853570_ROOMkitchen2Notes from the Denver Real Estate Market trenches: I’m seeing a lot, and I mean a LOT of multiple offer situations and better luck shopping for homes during the week rather than the weekends. Savvy listing agents are holding open a date when offers will be presented to allow maximum exposure and showings, then driving buyers to compete and close. Buyers, tired of this cycle and anxious to get under contract, are getting good at moving quickly and great buyers’ agents (that’d be me 😉 are adept at writing strong offers that will get accepted. A few oddities I’ve noticed: homes are coming “Back on Market” after being Under Contract and I’m seeing price reductions. The first tells me that Buyers may be getting caught up in the feeding frenzy and, wanting to win, may offer more than they’re comfortable with. There could also be inspection issues but what I’m seeing doesn’t look like it fits into that time frame. The second one, price reductions, indicates that there may be listing agents and sellers who enter the market over-confident with their pricing and need to adjust.
Remember, a house is not a hamburger. You can’t just show pretty pictures and charge what you like. A house is an emotional commodity and only worth what a buyer is willing to pay for it. So… even in a Sellers Market, the Buyer dictates the price. Now, on to the data from Metrolist:
May 2014 Snapshot Image 669x310

DENVER – June 6, 2014 – Signaling the start of the summer buying and selling season, the real estate market for the Denver metro and surrounding area saw increased activity in May as buyers scooped up available inventory despite near record prices.
The pace of home sales picked up during the month of May, as the number of sold properties rose 19 percent month over month. In particular, demand for single-family attached homes saw a marked increase, rising 25 percent over last May.
Inventory in the Denver area continued its upward trend, as active listings increased 15 percent from April, and the number of new listings climbed 11 percent month over month. However, the market is still very competitive, as days on market saw a 17 percent decrease in May. Homes are moving quickly, averaging only 29 days on the market.
“We have seen a very active start to the summer selling season. The market is moving quickly, but an increasing inflow of new listings is a positive sign,” said Kirby Slunaker, president and CEO of Metrolist. “The market absorption rate highlights a high level of demand for properties and a reduction in days on market.”
The average single-family attached+detached property spent just 29 days on the market in May, down 34 percent over last year. There is currently a supply of just seven weeks’ worth of inventory in the Denver metro and surrounding area.
Continuing a 36-month trend, average sold prices were up 2 percent from April. Prices for single-family attached+detached homes reached $333,955, up 8 percent.
“As the largest MLS in Colorado, we are committed to providing agents and consumers with innovative tools and resources to navigate their way through this fast-paced sellers’ market,” said Slunaker. “In addition to having the most accurate, current and up-to-date property information, REcolorado.com is providing new innovative tools such as INRIX Drive Time™, which is available to assist consumers in making educated decisions as they work with their REALTOR®.”

May Stats Bar Graph 754x480

About REcolorado.com
Before entering the market, buyers and sellers can get free access to up-to-the-minute housing information throughout the state of Colorado at REcolorado.com. The website offers advanced search features and filters for price and location, as well as home values and scheduled open houses. This comprehensive local resource enables both buyers and sellers to enter the housing market well informed.
About Metrolist: Metrolist is the largest MLS in the state of Colorado, supporting the largest network of REALTORS® with the most comprehensive database of real property listings throughout the Front Range. Realtor-owned since 1984, Metrolist provides leading technology solutions to real estate agents and brokers to better serve buyers and sellers. More information about Metrolist is available at www.REcolorado.com.

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Tracy Shaffer
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Denver Home Prices Rise Again

According to the latest monthly Case-Shiller Home Price Index, Denver-area home-resale prices rose an average 9.1 percent in March from a year earlier. Prices were up 1.4 percent from February, reaching an all-time high. One reason for this, as you may well know, is that our inventory is still incredibly low. Last spring, when the market suddenly turned, we thought this was a fluke but a year out, this seems to be the new norm. Click here to read more in the Denver Business Journal.
What does this mean for you? SELL! I have clients who made a move up during the leaner years and if they were able to hold on to their first property and buy their second, that’s what I’ve encouraged them to do. Rental income and market appreciation made this a wise move for many and now that equity is allowing them to sell at a tidy profit. I’m all for real estate investing and for having a buy and hold strategy in your portfolio, but you need to ask yourself if that is the best use of your money right now. Sometimes an investment has peaked and/or life has changed drastically, providing other options or shall we say ‘rearranging priorities’?
Buyers and sellers are often hesitant to sell for fear of finding a replacement home and though the market is swift like a snowmelt stream, I’ve yet to move one of my clients into a hotel or a shelter. All things are negotiable.
So if you’re looking, or thinking about looking., selling or wondering if selling is your best option, I’d love to sit down and have a conversation with you.

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Tracy Shaffer
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Doesn’t Take a Crystal Ball to See Where Denver Real Estate is Headed

psycihicDenver real estate market is strong and hot like a cup of coffee. After years of waiting for home prices to rise, the Denver real estate market is elevated. So why are buyers and sellers so hesitant to make their move? Let’s blame it on the media. Screaming headlines make money when the sky is falling.
For those of you who are considering buying or selling a property, understanding the big picture is critical. So let’s take a look at where in the real estate cycle the Denver market stands.
You may think this tremendous seller’s market and super tight inventory is something new, something that’s going to come to a head and suddenly erupt overnight. Not true. We are FOUR YEARS PAST THE BOTTOM of our last real estate cycle. This is a logical continuation of a market that is reacting strongly to the overselling we saw between 2007 and 2009, and finally bottomed out in 2009. It’s doing exactly what real estate market cycles do, go up and go down over long periods of time. Remember, over the past 40 years residential real estate appreciation has averaged 6 percent per year and there is no reason to think that is going to change over the next 40 years.
If you think of market cycles in the short-term, spiking and crashing over short periods of time it’s easy to see the sweet meteor of death hurling toward your swing set, but a quick look at the last market cycle shows clearly this is not how real estate works. Real estate cycles over the past 40 years, tend to move in much broader periods, 7-10 years typically. This is why predicting short-term market movements can be very difficult, whereas assuming the market will move in 7-10 cycles is a bit more realistic.
The past four years of the upswing has been largely a sellers’ market. Plummeting inventory, rising prices, nervous buyers often involved in multiple offers, and happy sellers often getting the price they wanted. Buyers can be very nervous, reading news articles, watching TV reports, and figuring the market is teetering on the brink of a crash and being afraid to buy. Rents are skyrocketing, up 8 percent this year alone and renters may confuse the short-term media screeds about this tremendous market with the long-term patterns of market cycles, thinking that the minute they buy a home the market is going to crash.
woman-with-crystal-ball
I don’t see this. And unlike my clients who may buy or sell a home ever 5-10 years, I work in real estate every day. No one can predict the real estate market with 100% accuracy. I can’t, the Federal Reserve can’t, the banks with all the money can’t, no one can. But, understanding how market cycles work, and recognizing how low our current inventory is, I can say with confidence I do not see any impending weakness in the market over the next couple of years. We are four years into what will probably be a typical 7-10 year cycle of low inventory and rising prices. I can’t tell you what the Dow Jones will finish at next Monday. I can’t tell you if the Rockies will win their fifth game of the season. I can’t tell you what the weather will be on June 15th, but I can say with confidence that real estate tends to move over predictable long-term trends, and this market cycle has a long way to go.

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Tracy Shaffer
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Home Buyers Need Strong Offers

rsz_166-beauty-queen-1957 no effect In a market as tight as we have in Denver today home buyers need to write strong offers if they want to get them accepted. Low, low inventory can’t satisfy buyer needs, making the multiple offer situation more commonplace. With only one winning offer, savvy home buyers learn quickly what makes a strong offer. In the run for the real estate roses, it takes an experienced Realtor who understands how to write a powerful offer that will be seriously considered. Home buyers need to know what makes a strong offer so they can prepare to win.
1.) Get pre-qualified by your bank or a competent loan officer before writing any offers. I used to take buyers out home shopping before they’d talked to their lender, not anymore. I want you ready to go and ready to compete. If I have a strong lender letter in hand, it strengthens your position and makes the process easier.
2.) Often times the seller needs time to move. Using one Realtor to coordinate the timing of a sale and purchase is wise. When working with a buyer, I always call the listing agent to inquire about the seller’s timing needs. If your schedule permits, we can accommodate the seller by writing an offer with a 30-60 day rent-back period. This takes some of the pressure off of the seller, easing stress, and allowing them to stay in the home after closing to close on their replacement home.
3.) Up the ante. A good agent will never lose the earnest money you put up, so showing the seller you’re serious by adding more green to the pot will make them more likely to accept your offer.
4.) Use a cashier’s check for the earnest money. It makes no practical difference but subtly indicates to the seller you really are serious enough to take the time to get a cashier’s check.
5.) Write an Escalation Clause into your contract that says your offer will beat any other verifiable offer by, say $2,000, up to your top dollar amount. An escalation clause, when written correctly, asks the sellers to provide evidence of a credible higher offer so that you know you’re being dealt with fairly.
These are just a few of the strategies I employ to get your offer accepted and knowing how to stand out in a crowd of home buyers is key. Be prepared to compete. Because it’s always more fun to wear the tiara than the runner up sash.
tiara+vintage+graphic--graphicsfairy6bg

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Tracy Shaffer
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Denver Real Estate Market Trends

By now you know the Denver real estate market has bounced back, now let’s look at it by the record-setting numbers.
At the end of 2013 there were:
7,275 homes for sale, (down 6%).
67,550 new listings came on the market for the year, (up 12%).
67,429 homes went under contract (↑20%)
54,024 homes closed (up 17%)
The average days on market was 58 days (↓25%)
Average sold price was $306,910 (↑10%) and closed dollar volume was $16.6 Billion (↑29%). If this sounds like Realtor crack, it is.
Screenshot (1)
But what does it mean for you?
1. Did ya take a look at that map? Go ahead, click on it. Remember when there was a whole lot of pink and red, lots of yellow…? I do. Now the map is predominantly green and the key shows you how much each neighborhood has improved over last year.
(If you’d like more detail about your own neighborhood, shoot me an email.)

Metrolist expert Gary Bauer observes it this way:

The inventory of active listings, homes available for sale, started a downward trend in 2011, which continued through 2013. In March, 2013, the inventory of active listings was 6,682 homes, an all time low. Active Listings continues to be a primary sustainability concern for the home market.
Home affordability declined due to median home price increases. The month’s supply of inventory started and finished the year at 2 months.
Once again, rental rates continue an upward trend and rental availability continues to decline. With declining distressed properties, foreclosures and REO, at less than 10% of the market and low active listings, new home builders will again be an alternate in the housing market. The largest number of Single Family and Condo properties sold in price range of $100,000 to $499,999 for 2013. The largest number of Single Family homes sold in the price range of $200,000 to $299,999. The largest number of Condo homes sold in the price range of $100,000 to $199,999.
Million dollar plus homes closed/sold were up 16% when comparing 2013 versus 2012. Million dollar plus home closings accounted for $1.5 Billion of the $16.6 Billion total 2013 volume.
Mortgage interest rates started to increase and then fluctuated downward to later increase again during the year, with an overall increase of approximately 1%.

And that’s good news for all of us!

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Tracy Shaffer
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Why Do I Keep Getting This Newsletter?

amazing soulsAdmit it. This thought has crossed your mind, hasn’t it? You’ve probably even made a mental note to ask me, or worse… unsubscribe. So what makes me send you this monthly missive? The reasons are few, but they’re mighty.
1. Yes, I am in the business of helping people buy and sell homes and I’d like for you to think of me should that thought also cross your mind. Pretty crafty, huh?
2. To keep you up to date with the Denver real estate market, how it’s doing and where it’s headed. Like this little ditty from USA Today.
2. I believe that life is richer when experienced in community, and that a community is empowered by engagement.
3. I believe that real estate is all about story. Every home, every buyer, every seller, comes with a tale to tell, a story to reveal.
4. I have a knack for meeting interesting people who do really cool things and I want to share them with you.
And here comes the mighty…
5. Every month when I send out my newsy little newsletter, chock full o’ tips about home values and market trends, writing of the wonders of a swanky little art space, or the best place to take a burlesque dance class on a Sunday morning, you call me. You reach out via comment, Facebook, phone or email to let me know what you thought, ask me a question, or (best of all) set up some face-time. And I like that. A lot.

Building and deepening relationships, creating dialogue, drinking coffee… whatever I can do to help you put a little bump in your daily grind.

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