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And don’t we all need a little good news? Working in the real estate trenches I’ve been watching the steady turn around, especially evident in 2012 as the Denver real estate market took a sharp turn for the better. Today’s Denver Business Journal announced the data to back up my experience.

Colorado’s housing market stands out as the fifth-strongest in the country, according to the website 24/7 Wall Street.
Home prices across the state have increased by an average of 7.3 percent over the past year, putting Colorado between North Dakota (7.1 percent) South Dakota (8.3 percent). The ranking was based on a review of data from various sources, including the CoreLogic Home Price Index and foreclosure reports from RealtyTrac. 24/7 Wall Street forecasts Colorado home prices will increase by 3.7 percent between the first quarter of the year and the first quarter of next year.

Good news for the Dakotas, but we get to live in Colorado! If you’d like more information about your neighborhood or how you can make this market work for you, call, text, email or comment here and we’ll talk.

UPDATE: This house went under contract in 8 days. Buyers are happy, sellers are happy… agent is very happy.
Just listed a wonderful 3 bed/3 bath home in the Willow Trace subdivision of Aurora South. I really like the floor plan as it lives large. The master bedroom is huge, closets are bigger than my house ; ) and the second/third bedrooms are nice and roomy. Great loft space upstairs to keep the little ones close or use for study/gaming area. Over-sized two car garage with secure storage. Partial basement is insulated, plumbed and egressed; ready for your finish if you need more space and Cherry Creek Schools! This house is totally move in ready! Check out the virtual tour.

Are you a first-time homebuyer but missed that big tax credit? Are you tired of paying rent or is your rent being raised to astronomical limits? So let me ask you this… If you thought you could get a good deal and a $2000 tax credit, would you like to own a house in Denver? Good news.
The City and County of Denver announced a new Mortgage Credit Certificate program that enables qualified borrowers to receive an annual federal income tax credit equal to 30 percent of the yearly interest paid on their mortgage loan, up to $2,000 annually, the city announced Tuesday.
“For many families, home ownership is a primary method of asset building and saving for the future,” says Denver Mayor Michael Hancock. “We’re providing a financial boost to individuals and families while increasing home ownership opportunities and the overall strength and vitality of Denver neighborhoods.” Lenders can use the estimated amount of the credit on a monthly basis as additional income to help a potential borrower qualify for a loan, the city said.
There are stipulations to the program. To qualify, borrowers must purchase a residence in the City and County of Denver and income restrictions apply ($79,300 for one or two persons and $91,195 for three or more). The maximum allowable purchase price for a home is $370,252, although higher income and purchase price limits are available in targeted areas. Participants cannot have owned a home in the past three years, except in targeted areas and for qualifying veterans.
Only certain lenders are approved to participate in Denver’s Mortgage Credit Certificate program and Paul Orrell at Megastar Financial, one of my favorites, is among them. Click here if you’d like more information about the Denver Mortgage Credit Certificate program, then shoot me an email. I’d be glad to go over your options.

Saying The Denver real estate market is hot is like saying that the U.S Congress works together in perfect harmony…except, the first statement is true. It will take a while before Denver home buyers believe it, but it is a Seller’s market…and a buyer’s market, too. Huh?
It sounds like a paradox but in fact it perfectly describes our current Denver Metro real estate market. Here’s how:
In the market below $300k where 80% of the homes are sold it’s a blistering seller’s market. You heard it right, a seller’s market! There are only three months of inventory sitting on the market right now, where six months is considered a normal, balanced market. There are simply more buyers than sellers right now and this is translating into multiple offers on listings, sales prices often well above asking prices, and marketing times plummeting.

Particularly hot is the market below $225k, which has only two months of inventory. It’s not uncommon for a listing to have 10 showings and a full price offer in the first week. There are a number of factors that have caused this dynamic, one of which is the dramatic reduction in the number of bank-owned and short sale properties on the market. This reduction in distressed inventory has left regular home sellers in a great position and contributed to the sizzling seller’s market.

Ok, so we know it’s a seller’s market. Then, how can it also be a fantastic buyer’s market at the same time? It is, because according to the National Association of Realtors the Home Affordability Index is at its highest recording ever. Just like it sounds, the HAI is a measure of how affordable homes are in a given area. It’s calculated by comparing the median price of a home in the Metro Denver market to the median worker’s income level, taking into account the current interest rate for a 30-year fixed rate loan. What this means is that the median income earner can buy more house today than ever before. Why? Because home prices, while rising quickly, are still well below their peak prices of 5-6 years ago and interest rates are at never-before-seen historic lows. Take it all together and the average home on the market HAS NEVER BEEN MORE AFFORDABLE.

So, while it seems like a paradox that it can be both a great time to sell and a great time to buy, it’s actually quite true. Call me and I’d be happy to explain more how we got to this state in the market and how you can take advantage of it.

Denver Metro Housing Stats.
Single Family:
Active Listings: 8,082 • Down 40% from Feb. ‘11
Under Contracts: 3,329 • Up 13% from Feb. ‘11
Solds: 1,978 • Up 12% from Feb. ‘11
Average Price: $270,821 • Up 2% from Feb. ‘11
Average Days on Market: 106 • Down 14% from Feb. ‘11
Condos:
Active Listings: 2,004 • Down 49% from Feb. ‘11
Under Contracts: 821 • Up 11% from Feb. ‘11
Solds: 517 • Up 13% from Feb. ‘11
Average Price: $161,143 • Up 4% from Feb. ‘11
Average Days on Market: 101 • Down 22% from Feb. ‘11

Creativity is the strongest force on earth; artists, visionaries and innovators lead us into the future. We’ve got some mad skills that actualize potential where others may only see what is possible.  Be sure to click on the Thriving Artist Alliance page above and I’ve created a lovely video to inspire you. CLICK HERE TO WATCH